Planning for Children
When you have minor children, estate planning is vital to assure the well-being of your family if something should happen to you.
Why is it Important to Plan?
Life happens – and as much as we like to think we are invincible, unfortunately, we aren’t. If something should happen to you and your child’s other parent, and there is no legal plan in place, a judge will determine who will raise your children and who will manage your children’s money.
Because a judge does not know your parenting style and values, the judge may choose a person to raise your children whom you would never want to raise them. The judge could also select a person to manage your children’s money whom you know will do so poorly or not in your children’s best interest.
Also, without legal planning, children will often receive their full inheritance at 18 years old – an age at which most young people are incapable of managing a sudden or large inheritance. Without direction or guidance, the inheritance can quickly be wasted and subsequently be unavailable when needed later in life.
How Does Legal Planning Help?
Legal Planning puts you in the driver’s seat and protects your children.
Legal planning allows you to choose the people who will take care of your minor children if you die or become incapacitated. Planning also allows you to choose who will manage your children’s assets. This person can be different from the person who will care for your children.
With an estate plan, you choose how and when your assets will go to your children. Typically, this is done by creating a Trust, either in a Will or in a Present Trust. You designate the trustee who will manage the money and direct how it will be distributed.
Schedule a free consultation today with the estate planning team at Parsons Behle & Latimer to ensure that your children’s wellbeing and financial future are in good hands.
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