Special Considerations for Estate Planning With Children
Planning for your children after your death is something no parent ever wants to do. However, it’s important to create a will in order to ensure your assets are divided amongst your family members correctly after you pass. A will allows you to take control of your children’s future and prevent having to rely on a court to make these decisions on your behalf. Below, the estate planning attorneys at Rodier Family Law discuss everything you need to consider when planning a will as a parent.
Who Will Be My Children’s Guardian?
This decision is one of the most difficult factors to consider when writing your will. You want to guarantee that your children will be safe and secure. Choosing a guardian is not an easy decision, and it is important that you consider the following questions: Are they physically capable of looking after your children? Are they local? Are they financially stable? What does their family relationship look like? Will they be able to provide your children with the life you want for them?
All of these questions should be taken into consideration when making this decision not only for your children, but for your own peace of mind. You want to ensure that the person you choose will provide and care for them as you would.
Do You Have a Life Insurance Policy In Place?
A life insurance policy makes certain that your immediate family is financially secure in the event of your death. Life insurance guarantees that your children have the financial stability they need to pursue their ambitions. Life insurance can assist in paying off any debts, maintaining your children’s way of life and paying for further education.
Do You Have a Trust?
The purpose of a will is to determine who receives what assets and when. Creating a legal document that discusses how you would like your belongings dispersed helps avoid unnecessary stress and uncertainty. If your children are minors, creating a trust can help you define how and when you want to give them money and personal belongings. Any inheritance you leave to a minor will be controlled by the court, not their legal guardian, until they are 18 or 21. A trust may be a suitable option to help avoid any misunderstanding about what your children inherit and when they acquire it.
Who Will Be Responsible for My Valuables?
Another aspect of an estate plan to consider is who will manage your property. Assets such as automobiles, homes, retirement savings, life insurance and other savings are all valuable assets that you want in the right hands. It’s important to choose a capable and trustworthy personal representative who will execute your wishes.
Who Will Be My Health Care Directive and Power of Attorney if I am Incapacitated?
Many individuals associate estate planning with death, but it’s also critical to plan your estate in the event you become sick or seriously injured, rendering you unable to make informed decisions for yourself and your children. It is a good idea to also execute a Health Care Directive and Power of Attorney when creating your estate plan so your care and funds will be managed if you become incapacitated.
Discuss Your Options With An Estate Planning Lawyer at Rodier Family Law Today
Estate planning can be a difficult and stressful process. The experienced and knowledgeable attorneys at Rodier Family Law will be able to provide you with the guidance and support you need to create an effective estate plan for you and your children. Contact us today at (410) 803-1839. We are located in Bel Air, Maryland and are proud to serve Harford County.