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Estate Planning Process - Tips For Parents

Estate Planning Process - Tips For Parents

Planning For The Future

Having a will is important because it allows you to plan ahead for unknown future events and ensure your family's comfort. Parents who have children should be especially concerned about planning for how their children would be physically cared for and supported financially. State laws regarding wills and trusts are often very complicated, but an experienced estate planning attorney can advise parents about the best way to accomplish their goals.

The Importance Of Choosing The Right Guardians

Parents must plan for a number of unforeseen events, including what would happen if they died before their children were able to care for themselves. Planning for the care of minor children often involves choosing a guardian who would care for and raise the children. Guardians are usually trusted friends or family members who are willing to take on the role. Some parents seek input from their children about picking a guardian, but often parents discuss this matter only with the potential guardians. Choosing someone who the children already know and trust will make the transition as easy as possible.

Why Parents Should Establish A Trust For Their Children

In situations where children are not old enough or responsible enough to manage assets, parents usually establish a trust. A trustee is appointed, who ensures that the assets are preserved and used according to the parents' final wishes. Parents frequently set up trusts for higher education, living expenses, or other anticipated costs. If a trust is established for a certain purpose, the children or the trustee will not be able to spend that money for other purposes without getting permission from the court. Trusts are useful to ensure that children do not sell or encumber property. For example, if a house is left to children in trust, the children cannot mortgage or sell the house without going to court. Setting up a trust gives parents peace of mind that assets will be used as the parents wish and that their children will live comfortably. If you are a parent who has not written a will or trust for your children, contact your estate planner today to plan for your children's care and support.