Do you have a child (or children) under the age of 18? Does your estate plan take this into consideration?
Minor children and young adult planning is an important aspect of your estate plan. Without this, you will not have much—if any—control over what happens to your children in the event of your premature death.
The way you approach the planning process depends on a variety of factors, such as:
- The number of children that you have
- If your child or children have any special needs
- Your financial circumstances
Name a Guardian
One of the first things you should do is name a guardian for your minor children. This is the person you want to raise your children in the event that you pass on.
As such a big decision, name someone who shares the same values and parenting style as you.
Note: the person you name as guardian today may not be the right choice in the future.
Special Needs Planning
Should your child have special needs, your estate plan should reflect this. With a special needs trust, you can set money aside for your child to ensure that they maintain their standard of living.
Furthermore, a trust protects against your child losing access to government benefits.
For many people, the most important part of their estate plan is the terms and conditions related to their children. By taking the right approach, you will have less anxiety about what would happen if you pass on before them. At The Edwards Law Firm, P.A., we are here to answer all your questions regarding estate planning and your children. Contact us online or via phone for more information on our services and professional guidance from start to finish.