Perhaps the most vital part of estate planning for families with minor children is developing a care plan in case one or both parents die or become incapacitated before the children reach majority. A recent article discusses several considerations that parents of minor children should make when drafting this portion of their estate plan.
If both parents become unable to care for their children, consider how you would like to provide financially for your children. Often, parents will create a trust so their children do not have access to a large in heritance before they can responsibly handle it.
It is also important to consider who you would like to provide physical care for your children. Select a guardian who you trust, and speak with them before you officially designate them in your will. Consider naming a secondary guardian as well, should the primary guardian be unable or unwilling to serve.
Parents should also plan for the event that only one parent passes away. In this instance, parents should consider whether they would like some of their assets to pass directly to their children, or whether they want to leave all of their assets to the surviving spouse, under the belief that the surviving spouse will are for the child.
For assistance with drafting an estate plan that provides for your children, contact us at (626) 696-3145.
