When you become a parent, the desire to provide both emotionally and financially for your children becomes a driving force in your life. While you are alive and capable, you can focus on providing what your children need; however, you should also plan for the possibility of not being here one day. To ensure that the assets you leave your minor or young adult children are used as intended, specific tools and strategies should be incorporated into your estate plan. At Stivers Law, our experienced estate planning attorney can help you protect your minor and young adult children in your comprehensive estate plan.
Estate Planning for Parents with Minor Children
Your minor children cannot inherit directly from your estate should you die prematurely, increasing the importance of having a well-thought-out estate plan in place. By the same token, your minor children cannot access your assets if you become incapacitated. That means an adult must manage assets you want used for the support and maintenance of your minor children. Without careful estate planning ahead of time that designates an adult of your choice, a judge may be forced to appoint someone. Unfortunately, if that happens there is no guarantee that the adult appointed will have your children’s best interests at heart. If you fail to execute a Will, a legal guardian for your children may also need to be appointed by a judge without knowing who you would want to care for your children.
Estate Planning for Parents with Young Adult Children
Although a young adult child can legally inherit from your estate, many young adults are unprepared to manage a significant lump sum inheritance. Even exceptionally mature young adults may not do well with an inheritance shortly after the death of a parent. Using your estate plan to appoint a Trustee to manage that inheritance as well as to stagger the disbursements can prevent a potential disaster. Instead, the inheritance you leave behind will be used to provide for your child(ren) as intended. A comprehensive estate plan can ensure that the assets you leave behind for your young adult child(ren) will provide the protection and financial security you want your child(ren) to have in your absence.
Justin Stivers is our estate planning attorney at Stivers Law and he can help you incorporate minor children and young adult planning into your estate plan. This will ensure that your children are financially secure if something happens to you. Contact our office today by calling 305-456-3255 or filling out our online contact form.
Frequently Asked Questions
There is no specific age as to when most people do their estate planning due to varying circumstances, but it is recommended to begin planning when you’ve accumulated assets, had children, or made a major life change.
This may be a good idea, but your goals can determine the best route for you to take. Placing a home in a trust allows you to dictate at which age your children can inherit the home, it avoids the house being put through probate, and can protect the property from the property from your children’s creditors. Consult our attorney to learn more.
There are many reasons why you should have a trust at any age, but the below reasons are the most important:
– Reduces your tax burden
– Ensures your children have a guardian if something happens to you
– Protects your assets
– Prevents family fighting over your assets
– Avoids probate
– Provides protection for your beneficiaries
This is not an exhaustive list and speaking with an estate planning attorney can help you understand your estate planning needs and how we can help you.