Estate Planning Concerns for Parents of Young Children

Think you don’t need an estate plan yet?  Parents of young children have many responsibilities.  This includes always ensuring that their children are safe and cared for.  If you’re a parent, it’s important to have an estate plan in place.

Take a look at some of the things that you can do to make sure that your children are always cared for.  If you have any questions about how parents of young children can protect their children with an estate plan, meet with a qualified, experienced estate planning attorney.

1. Name a guardian.

It’s important to create a will so that you’re able to appoint a guardian for the care of your children.  While it can be difficult to think about not being with your children, it’s important to have a plan in place ahead of time.  Take the time to carefully consider who would be willing and able to provide the level of care that your children deserve.

1. Leave assets for the care of your child in the form of a trust.

If you want to make sure that your children always have the things that they need, it’s important to consider leaving assets in a trust.  This will allow you to appoint someone to manage the money responsibility so that your children are able to have the things that they need to survive.  Remember, minor children cannot inherit directly.  Holding assets in trust beyond the legal minimum age of 18 is often pruduent to provide further protections that may be needed due to financial immaturity or social pressures that young adults often face.

1. Get life insurance

If you’ve overlooked your need for life insurance, think again. How will your spouse and children survive if they lose your support and regular income?  With the help of life insurance, you can make sure that there is always protection in place in the event of an emergency.  Make sure that you have plenty of life insurance so that your family is able to pay monthly bills and not have to worry.

If you have any questions regarding the ways parents of young children can protect their children with the help of an estate plan, consult with a qualified and experienced estate planning attorney.

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Timothy P. Murphy

Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.

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