How Can Someone Can Protect Their Children And Other Heirs?
One of the best ways to protect your child is to have a testamentary guardian for your minor children established. The estate plan is a perfect opportunity to designate a trustee to manage your child’s inheritance. A trustee can safeguard your assets for your child and make sure that person is securing your child’s inheritance for a longer term. A properly drafted will with a trust can control your assets for your child beyond the age of 18.
As the parent of three teen boys, I would not want my 18 years old to suddenly come into all of my life insurance or any inheritance that I’m able to leave behind. You want to protect your children from themselves.
Who you choose as a financial trustee for your children is important. Sometimes, the physical guardian of your child is not the best money manager for your child. The person whom you choose as a guardian for your child may be the person who will emotionally or educationally support your child, but not financially. Even if the guardian is able to handle your financial assets, you want to have the opportunity to draft an estate plan that will protect your child’s assets by detailing all of your wishes for how or when you want your children to be able to access that money. You can set up a plan that will protect your child’s inheritance well beyond childhood, so that they can use that money for as long as you want.
What Provisions Should Someone Include In A Will?
A Will leaves instructions for transferring property after your death. The provisions of a will names the personal representative or executor, designates heirs to receive assets and tangible personal property, designates a guardian for your children, and can even provide for a beloved pet. If you are a parent with minor children, you want to make sure that you have a will and guardianship designations in place. If both parents die without designating a guardian of the children, the guardianship process can become chaotic and complicated at a time when your children need stability. If you have not named a guardian for your minor children in your will or a separate document, then a judge is going to decide who will care for them. The judge will, of course, consider the best interest of the child, but will have no document guiding them.
Many parents have no idea how to go about making this critical decision, much less create a legally binding plan, so they never get around to doing it. And even parents who have legally named a guardian (even with a lawyer’s help) often make at least one of six common mistakes that leave their children at risk. This is because most lawyers are not aware of all that is involved with planning for the well-being and care of minor children following their parents’ death or incapacity.
The best way to prevent that uncertainty is to name a guardian for your children in a will or in a separate document. A will is still important, even if you don’t have minor children because the will directs your assets and properties to the person you want to give it to, and ensures that that the transfer is orderly. If you have tangible personal property that you want to give to a particular person, a will makes sure that the person gets those assets. A well-drafted will and estate planning ensure that you keep your family out of court and out of conflict, no matter who you are and no matter how little money you think you have.
For more information on Protecting Your Children And Other Heirs, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (844) 329-6469 today.
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