Protecting Your Children’s Future
You are already planning for their future as soon as you have your children. Everything from what sports they play to contributing to a college fund is thought out and planned. Still, it is also necessary to plan for the unexpected.
Your priority is always going to be to protect your children. However, you can’t always be there. A comprehensive estate plan can secure your children’s future and ensure that they will be taken care of by the people you choose and in the way you want.
Attorney Bill Peterson has extensive experience with plans that involve securing a child’s future. He can answer your questions on what to look for in a guardian and help you set up trusts that secure funding for your children’s education.
Preparing Your Family For The Unexpected
No one wants to think about a life-changing accident that could take you away from your children, but plans for the worst-case scenario can provide peace of mind. One of the best ways to do this is to create an estate plan that includes everything you need to protect their future.
An estate plan can benefit your children in many ways, including:
- Naming your child’s guardian
- A trust that can secure your child’s financial future
- Designating funds for a specific purpose
Appointing a guardian for your child is one of the most important aspects of estate planning when it relates to children. A guardian is someone who has the legal right and responsibility to take care of your child and make critical decisions for them. This responsibility includes everything from food, shelter, education and medical care.
The court may decide for you if a plan isn’t in place. This could mean that your children end up with strangers as their guardians instead of the family members you would choose. Especially if you have a blended family, those designations could be vital to keeping siblings together.
Answering Parents’ Questions About Estate Planning
Creating an estate plan can leave people with questions. Thankfully, experienced guidance can offer answers for those questions and help parents make informed decisions about their plans.
Do I need documents other than a will in my estate plan?
A will is an important foundation for your plan, allowing you to outline your wishes for your possessions and to name a guardian for your child. However, you may also want to explore other options. For example, establishing a trust allows you to choose someone to manage your child’s inheritance, providing additional guidance.
Will my child receive their inheritance right away?
The age at which your child will receive their inheritance depends on the documents you use in your plan. If you outline their inheritance in a will, they will receive those assets when they become an adult. However, you can outline other terms for a trust and delay their inheritance until they are older or until they complete an important milestone like their college education.
When should I update my plan?
Creating a plan is often only the first step. As your child grows and your relationships change, you should change your plan to align with that changing situation. Reviewing your plan every few years gives you a chance to consider your previous choices and ensure that your plan is still a good fit.
For example, the person you previously selected as a guardian for your child might no longer be a good fit for the role because of a serious illness or because you are no longer close to them. This change in your relationships could be a good reason to update your estate plan and select a new guardian.
Your plan should reflect your unique family, and the questions you have will reflect your situation. An attorney can provide you with personalized answers for your questions.
Helping You Protect Your Most Important People
No matter how old your children are, we can help you draft a plan to ensure they never are without a loving caregiver and the resources they need. Contact Peterson Law Office, LLC, to schedule a consultation and discuss how we can help you. Call at 952-641-7312 or fill out an online contact form.