If you are worried about what will happen to your minor children after you are gone, you absolutely must make an estate plan. Such a plan can make it easier to see exactly how your kids will be provided for if you were to pass away. If you are looking for peace of mind, contact a Fayetteville, Arkansas estate planning lawyer to get started on this process.
What Kind of Estate Plan Can Protect My Minor Children?
When you make an estate plan, you can decide how your assets will be passed down to your children and how they will get access to them. Minors cannot inherit anything on their own because they are not legally adults. This means that you cannot just have some money drop into their bank account. You have to establish another place for this money to go.
An estate planning lawyer can help you figure out the best option given the size of your estate, how much you plan to leave to your minor children, and what you want your assets to be used for. You can also establish a financial guardian, someone who will help your children access the funds they need without wasting them.
Why Should I Establish a Trust for My Minor Children?
Establishing a trust is one good option in situations like these. You can have a trustee manage the funds on behalf of your minor children and set different rules for it. You can have the trustee decide when to give your children money or establish a clause that ensures that the funds are untouched until they reach a certain age. An attorney can tell you more about the options.
What Kinds of Qualities Should I Look For in a Guardian?
Choosing a guardian for your minor children is an important part of making your estate plan. If you have a spouse, they will probably be your best choice, but it is also important to make a backup plan. If you and your spouse were both to pass away in an accident, then someone else needs to be chosen to take care of your children. We are sure that you would rather make that decision yourself instead of having courts handle it once you are gone.
A guardian can be a family member, but they do not have to be. The most important thing is that they have the qualities needed to be a good guardian. You should look for someone who:
- Can provide a stable environment
- Shares your values and priorities for child-raising
- Has a relationship with your child already
- Would want to be a guardian for your kids
The guardian can also be the financial guardian for your child or a trustee, if you establish a trust. You can also choose a different person for that role.
Set Up Your Consultation Today
It is time to ensure your family is well cared for when you pass away. At the Knapp Law Firm we can help you develop a comprehensive estate plan thate leaves nobody behind. So contact our law firm and schedule a consultation today.