Only around 36% of parents who have minor children at home have a will in place. Those who don’t have one set up leave a lot to chance for the kids. When you take the time to set up your will, you can outline what you want for your children if you and your co-parent were both to pass away.
While estate planning isn’t really pleasant to think about, taking the time to do this now means that you can have a say about who will raise your children if something happens to you. You can also determine how you can help that person to support them.
Considerations for an estate plan involving minors
An estate plan that involves minors needs to include specific components. You have to name a guardian for the children. This should be a person who can raise them and provide them with what they need. Appointing an alternate is also a good idea in case your primary choice can’t take on the responsibility.
You’ll also need to document how you plan to provide support for your kids in your estate plan as well if possible. You can do this through payable on death designations for your financial accounts. You can also use trusts, which enable you to have some control over the terms.
Planning for your kids’ future when you pass away
Working closely with an attorney who’s familiar with estate planning can help you to get everything in order. It’s best to do it as soon as possible so that you have the peace of mind of knowing that you have the plans in place. This is valuable protection you can give to your children.