Things To Consider For Children In Your Estate Plan
There are many decisions that parents must make when creating and maintaining their estate plan. If you have children, many of these decisions will involve them.
These decisions include whether to treat your children equally, whether their inheritance should be immediately accessible or held in a trust and who should be listed on powers of attorney and health care documents to make decisions on your behalf if you’re unable to do so.
When Your Children Are Minors
There are three critical considerations for your estate plan when your children are minors:
- 1. Designate a Legal Guardian: Decide who will be the legal guardian for your minor children if you pass away before they reach adulthood.
- 2. Select a Trustee: Choose a trustee to manage any inheritance left for your young children while they are still minors.
- 3. Determine Inheritance Timing: Decide when your children should receive their inheritance. You could specify certain ages, set up monthly payments, or give the trustee discretion to determine when your children can handle their inheritance.
When Your Children Are Young Adults
As your children reach young adulthood, consider:
- 1. Maturity of Handling Inheritance: Evaluate whether your young adult children are mature enough to manage an inheritance directly or if it should be held in a trust until they are older.
- 2. Roles in Estate Planning: Decide if you want your young adult children to serve as executor, power of attorney agent, or make health care decisions if you can’t.
When Your Children Are Responsible Adults
If your children are established and responsible adults, you might consider:
- 1. Simplifying the Estate Settlement: Set up your estate plan to avoid the burdens of the court-controlled probate process and allow your children to settle your estate more conveniently.
- 2. Roles and Decision-Making: Decide whether to appoint one of your adult children as the sole executor, trustee, or agent on your power of attorney or whether to involve multiple children in these roles. Determine if they need to work jointly or if any of them can make decisions independently.
To Sum It Up
One of the final gifts you give your children will be the estate plan you establish. When creating and maintaining your estate plan, consider how your decisions will impact your children’s long-term well-being.
Have meaningful conversations with your children about your decisions, as understanding your reasons can help them accept and support your choices. This will facilitate a smoother transition of assets and values from one generation to the next.
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