Estate Planning Considerations for Parents with Young Children

Parents with young children have many added responsibilities, including the need to plan for the future.  With the right planning tools in place, you can make sure that your children are always protected.  We’ve taken the time to outline some estate planning considerations, to help you think about your planning needs.  If you have any questions, or if you’d like to discuss other ways in which parents with young children can plan for the future, contact an estate planning attorney.

 

• Who will be the guardian for your minor children?  With your Will, you can appoint a trusted and loving guardian.  Many parents with young children forget about this important need.  You also need to appoint temporary lifetime guardians in case you are ever disabled and unable to care for your children.  This can’t be done in a Will; your estate planning attorney will draft a stand-by guardianship authorization as part of your estate plan.
• Do you want to provide for the management of the assets that you leave behind? With an estate plan, you can appoint a custodian to manage the assets that you leave behind for your minor children.  This ensures that the money is used correctly to benefit each child.  Trusts are a great way to leave assets for children.
• Do you want to invest in life insurance so that your children always have the money that is needed to survive? Life insurance policies are especially beneficial for individuals who have families.  This makes it possible to have assets for the continued care of loved ones.
• Would you like to begin saving for future college expenses?  It can be beneficial to start saving for college as soon as possible.  There are many great planning tools that make this possible.  For example, this may include using a 529 plan.

 

As a parent, it’s important to focus on the future.  Make sure that you have a solid plan in place so that your children are always protected.  If you have any additional questions about the above ways in which parents with young children can plan for the future, consult with a qualified estate planning attorney.