How Do I Protect My Minor Children Through Estate Planning?
It is disheartening to even think about an unfortunate event in which you leave your minor children behind. However, you must cover all of your bases in case this situation reigns true. Continue reading to learn how to protect your minor children and how one of the experienced Butler County estate planning & probate attorneys at Heritage Elder Law & Estate Planning, LLC can help make this possible.
How can I protect my minor children in my estate plan?
Arguably the most important order you can establish in your estate plan is assigning a guardian for your minor children. Essentially, this should be an individual whom you trust to care for your minor children when you are no longer around to do so yourself. So when selecting such an individual, you may consider the following conditions:
- You may consider whether this individual shares similar values when it comes to raising children.
- You may consider whether this individual already has a close, healthy relationship with your children.
- You may consider whether this individual can provide a stable home environment for your children.
With all that being said, if you do not appoint a guardian in your estate planning documents, then the court may make this decision on your behalf. Ultimately, this runs the risk of having a guardian selected who is against your wishes, who has an estranged relationship with your children, etc.
What other documents should I establish?
In addition to establishing guardianship, it may be in your best interest to invest in a term life insurance policy. This is because this policy type may replace your earnings if you were to, sadly, pass away. In other words, your minor children may continue to receive financial support in the years when they are still too young to work.
What’s more, it is recommended that you establish a financial power of attorney. This is because this legal document allows you to appoint an individual (i.e., an agent) to act as your legal representative for your financial matters. In other words, an agent may continue to pay your household expenses when your minor children are still too young to know how.
Lastly, you should consider making trusts for your minor children. This is because this estate planning document allows your minor children to receive an inheritance when they are mature enough to manage it. With this, you will have to appoint a reliable individual as your trustee.
This is all to say that you must call on many trustworthy individuals to help your minor children if an unfortunate event occurs. So you cannot ignore your estate planning for much longer. Instead, you must retain the services of one of the skilled Butler County estate planning attorneys from Heritage Elder Law & Estate Planning, LLC today.
