Estate Planning for Couples With Minor Children

When creating or revising your estate plan, it is essential to consider any minor children involved. After all, their best interests should be the primary concern, and you must ensure your estate plan provides for them in the event of your death.

You will want to appoint guardians for your minor children as a precaution in case something happens to you or your spouse. It is recommended that you select two individuals who will serve as guardians and an alternate if one of those two is unable or unwilling to do so. You will also need to consider how the guardians will be supported financially, as they will be taking care of your minor children. This can be done by setting up trusts for each child, naming them as beneficiaries of life insurance policies, and/or creating a financial plan for their future.

Another essential element of estate planning is selecting a personal representative for your minor children’s assets. A personal representative will ensure that their assets are managed correctly and according to the laws and regulations. But, again, your attorney can guide you in choosing the right person to serve in this role.

Overall, creating an estate plan is a crucial step to take for the security of your minor children. Consult with an experienced estate planning attorney to help guide you through this process and ensure that all aspects of your plan are taken care of.