Estate Planning With Minor Children
When you’re young, estate planning is often the very furthest thing from your mind. But life can hold some unpleasant surprises, and no one knows what the future holds. When you have children, although you have every reason to believe you’ll be around to see them graduate from college, marry and have families of their own, this is a situation where you absolutely must expect the best but prepare for the worst. If one or both parents should die, who will take care of your children and where will the money come from to provide for them? If you have a child with special needs, the need for planning is even more pressing.
A Will Is A Necessity When You Have Minor Children
Although it may be uncomfortable to think about your untimely death, making a will is something you need to do as a responsible parent acting out of love for your children. You should consult an estate planning attorney who will review your financial situation and your total assets and help you create a plan to ensure that your children will be provided for, especially if both parents should die. At the minimum, you need to consider the following:
- Who will you appoint as the child’s guardian, the person who will be responsible for the child’s upbringing until age 18? This person will need to make all major decisions about the child’s education, religious instruction and medical treatment, which is a serious commitment.
- What funds will be used to provide for the child?
- If you create a trust to own life insurance policies, real estate, and other assets for the benefit of your children, who will manage it?
- Who will you choose as conservator to handle your child’s financial needs?
- Will you choose the same person to be both conservator and guardian? If not, will the two be able to work together in the best interest of your child?
These are weighty matters, and it’s easy to put off having to deal with them, but you could wait until it’s too late. Writing your will is something you need to do now if you have one or more child.
Estate Planning Lawyers For Families With Children
The lawyers at the estate planning law firm of Gorman Law Group, PLC, are sensitive to the difficulties of contemplating being separated from your children by death. We will provide the guidance you need to make the best choices for your family – not because your death is likely, but because of the peace of mind that will come from knowing that you’ve provided for your loved ones in any eventuality.
Call Gorman Law Group, PLC, at 623-278-6102 today to arrange a time to come in and talk to us about preparing a will. We have both day and evening hours and conveniently located offices in Phoenix, Scottsdale, Sun City and Sun City West and can meet with you during the business day or evenings.