Estate Planning for Families with Minor Children
If something happened to your and your spouse, what would happen to your children? Who is going to raise them? Who is going to manage their money? These are the most difficult questions a parent faces. These are also the most neglected. Fortunately, while the decisions are difficult, it is a fairly simple task to put your wishes on paper.
Does the appointed guardian have custody of the children? Should they? What happens to the life insurance? Will it be used to pay off your debts or benefit your children? How will that money be used for your children? Do they get it when they turn 18? Who holds it until then?
Every parent owes it to their children to know the answers to these very difficult questions. Purchasing a will form on the internet probably won’t help you know. We would very much like to assist you in putting together a plan that answers these questions definitively. If you do not come to us, though, please seek the advice of a competent attorney and get these arrangements made.
You have the power to state in your Will who you want to have custody of your children and who will be in charge of your property. You can also set up a fairly simple trust within your will to spell out how your property will be used to benefit your children and when they will get it. Want it used for education instead of a new car? Want the balance distributed after college or a lump sum at age 18?
We can also assist you in coordinating your Will with your life insurance, retirement plan and education savings to make sure that your money goes as far as possible in providing for your family.
Click here to request a questionnaire or schedule a consultation.