It is only natural to worry about what will happen to your children if you were to pass away, especially if your children are still young and unable to take care of themselves. Fortunately, there are ways to protect minor children when you make your own estate plan. An experienced Rockland County wills, trusts & estates attorney can walk you through your options.
How Do I Choose a Guardian for My Minor Children?
One important part of your estate plan is who you choose to be the guardian for your minor children. If you have a spouse, they are the obvious choice, but it is also important to have a backup in case both you and your spouse were to pass away.
You do not have to choose a family member to be a guardian. We recommend that you take your time with this decision. You should consider a wide variety of factors, including:
- The relationship between your children and a potential guardian
- If this potential guardian is physically capable of parenting
- Whether or not a stable environment will be provided for your child
- If this person even would want to be a guardian
It is also important to remember that your children are going to need a financial guardian. Minors are too young to make major financial decisions on their own. You can make the guardian of your minor children their financial guardian as well, or you can choose a different guardian for their finances.
Can My Minor Children Inherit Assets?
Another thing to keep in mind is that minor children cannot be beneficiaries on wills or policies, like life insurance. They are not legally adults, so they cannot technically inherit anything. Other steps need to be taken to protect the assets that you want them to have until they reach the age of majority.
Should I Establish a Trust for My Minor Children?
Some parents decide to set up a trust for their minor children. This can give them access to funds that they need while ensuring that any finances are being managed by a more responsible adult. You can choose a trustee that will do everything that they can to make sure that the funds you leave behind are not wasted.
What If I Have Children From Previous Marriages?
Wills and estate plans can get a bit more complicated when someone has been married multiple times. If you have older children from a previous marriage, our knowledgeable attorneys can make it easy to leave assets to them while you make a plan to make sure that your minor children from your most recent marriage are taken care of.
Schedule an Appointment With Our Team
If you are looking for ways to ensure that your minor children are taken care of if you pass away, you need to make a complete estate plan. Our lawyers can help you. So contact the Lauterbach Law Firm and schedule your consultation today.