Estate Planning: Things To Consider If You Have Young Children
Posted on: 18 May 2021
As you begin your life with a spouse and young kids, you will probably take many steps to protect your kids. One vital step young parents should take to protect their kids is to create an estate plan that provides the protection their kids need. Have you considered this yet? If not, here are some things to consider with your estate plan if you have young kids.
Who Would Care for Them?
The first thing you might want to plan for is where your kids will live if you and their other parent died. Your children would need someplace safe where they could live and grow, and you can choose the person that would become their caregiver. When you plan your estate, you can name a guardian for your kids. Before naming a person, talk to the person to find out if they are willing to accept this duty if necessary. If you pick someone you love that you trust, they will likely agree to it. The responsibility of becoming your children's guardian only occurs if both parents die. You can write these instructions in your will to ensure that the court follows your wishes.
How Would Their Caregiver Pay Their Expenses?
If you both die and leave your kids with a guardian, how would the caregiver pay their expenses? Some parents leave cash in bank accounts for their kids, and the caregivers can use this money to pay for their expenses, including college tuition. Another good option is to purchase a life insurance policy that provides a cash payout to your children.
How Could You Transfer Your Assets to Them?
Finally, if you both die, how can you transfer your assets to them in a safe, affordable manner? You will also need to determine the best way to transfer your assets to your children if this occurs. You might need to set up a trust to use for this purpose. You can also specify what your family should do with your assets, such as sell them, and you can determine when your kids should receive the funds from the sale or transfer of all your assets.
Are you interested in starting your estate plan? If so, you can get started by contacting an estate planning attorney in your city. They can help you determine your needs and goals, and they can help you create the best plan for your situation.
For more information, reach out to a local attorney, or visit a website like http://wolfleylawoffice.com/.
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