Estate planning is not just for retirees and the elderly – it is important for people of all ages. This is especially the case if you are married, have children, buy a house, or get an inheritance.
Making sure there is a plan in place for your children and your estate in the case of unforeseen circumstances provides the ultimate peace of mind.
This article explains the importance of creating a will and estate plan if you have young children. If you and your spouse die while your children are still minors, there are two fundamental approaches to solve the issue of the estate.
Firstly, with a will, you can leave your estates to your children in a custodianship. The custodian can be allowed to remain in charge of the children’s inheritance until they turn a certain, responsible age of your choosing.
Secondly, your wills can leave your estates to your children in something called a testamentary trust. With this, you can name a trustee to manage the trust and disburse the inheritance under conditions which you specify.
Another thing to consider is appointing a guardian and an alternative guardian for your minor children. This person will act as a surrogate parent, in that they will be in charge of setting the children’s residence, overseeing healthcare and education, and managing their funds that they may acquire while still minors.
Don’t wait another day – let us at Rhodes Law Firm help you make a plan for your estate today.