By: Elizabeth Boyette
Families with small children know that estate planning is typically one item that baby books recommend checking off prior to the arrival of your bundle of joy, and for good reason! Failure to put an estate plan in place in advance of worst-case scenarios can cripple a young family when they least expect it.
Estate planning allows us to control what will happen at the death of one or both parents and ensures that assets are left in a structured manner for the future. Few people realize that real property owned solely by one spouse will be split between his or her surviving spouse and minor children if he or she passes away without a will. This can result in the necessity of a costly and time-consuming guardianship proceeding in order to sell what is often a young family’s largest asset.
Similarly, many parents worry about the possibility of both passing away prior to their children reaching the age of majority. Concerns about their children inheriting a large lump sum at a young age, or their kids going to live with unintended relatives abound. An easy way to avoid these issues is to execute a basic will with trust planning for minor children, which designates a trustee who has the discretion to manage assets until a stated age of maturity (oftentimes 35). In addition, parents have the ability to name a trusted family member to serve as guardian of their minor children to care for them until they reach 18.
By completing our easy estate planning questionnaire and scheduling a complimentary phone consultation, our experienced and knowledgeable estate planning attorneys can help you avoid these types of catastrophes. Contact us today to learn how we can give you peace of mind with a properly executed estate plan!
With this knowledge, now you can Rest Easy.
