Estate planning is a vital process every adult with loved ones needs to consider and involves more than you might imagine. While a will is a vital document it is far from the only one you need to prepare.
If you have minor children, ensuring their care after your death in the event that you pass before they reach the age of majority requires extra thought. You have more considerations since they do not have the same wisdom and avenues as adults.
1. A trust
A trust is an option that protects your children’s inheritance from scheming individuals. It also prevents said offspring from blowing through it from inexperience since you may set age and other kinds of limits and pick a trustee to manage any money and property you leave behind. If you want funds directed solely towards a specific use such as college, a trust also helps ensure the carrying out of your wishes. If your progeny have disabilities, a special needs trust allows you to leave them assets without disqualifying them from important government aid like Medicaid.
2. A guardian
You may also need to assign a guardian. This individual cares for your children if you depart while they are underage, preventing them from ending up in the foster system or with others you may not trust.
3. A power of attorney
Minor children lack both the experience and the legal right to manage your medical and financial affairs if you and your spouse become incapacitated and unable to handle them yourselves. It is imperative to appoint a person to make decisions in case you and your partner suffer an incident that leaves you both incapable of doing so for a period.
Planning ahead helps you protect your children even after you are gone.