Can estate planning help me take care of my minor children?
Every parent with young children should make estate planning a priority. Estate planning deals with much more than dispersing assets after someone dies. If you have minor children, there are several crucial estate planning options you should consider; for example, parents, with or without significant assets, should have an estate plan in place setting forth their wishes for their children, including nominating a guardian in the event both parents die while their children are still minors. Furthermore, for any property left to a minor, the will should include a testamentary trust that provides instructions for how the trust should be used (e.g., health, education, maintenance, and support) and should set forth the age at which the child can receive their inheritance outright. A proper estate plan can ensure your minor children are taken care of by ensuring that your children will be placed, if necessary, with a guardian you trust and that your estate is administered according to your wishes.