For parents, nothing is as important as making sure your children are provided for and set up for success no matter the circumstances. Parents ensure that minor children have every possibility for success and plan for every situation via life insurance, good health insurance, etc. Having an estate plan is a similarly crucial component in ensuring your family is taken care of no matter the circumstances.
Asking the following questions will clearly illustrate the necessity of creating a solid estate plan:
1. Who would be your child’s guardian should one be needed?
- Without an estate plan, a stranger who does not know your family will decide who the fittest guardian would be for your children without your input.
2. Who will control your assets if you become incapacitated?
- Without an estate plan, a court will also decide who controls your assets based on state law rather than considering your wishes.
3. How will my minor child’s inheritance be managed if I die?
- Your child cannot inherit directly from you if they are a minor. The court will manage any assets until the child turns 18. At 18, the child will receive a lump sum payout of all remaining assets (after thousands of dollars in court and other expenses for managing the assets).
Without an estate plan, the crucial decisions in how your child should be cared for are left to a court that has limited knowledge of your family’s situation. To make sure that your family is well taken care of, regardless of the circumstances, contact The Linville Estate Law, PLLC to create an estate plan that allows you to be in control. Part 2 of this blog series will walk through the solutions that enable you to be in control of your family’s future so that you can live with peace of mind.
