Planning your estate is just as important when you're a young adult as it is when you approach retirement age. This is even more true if you have young children. Planning your estate ensures your children will get their inheritance and it also ensures they will be taken care of by the person you choose after you're gone. Here's how an estate planning attorney firm, like Abom & Kutulakis LLP, can help you formulate a plan to make sure your children are cared for if you pass away before they are adults.
Help With Naming A Guardian
One of the most important things you can do is name a guardian for your children. Your spouse is a logical choice, but you also want at least one other person designated in case you and your spouse are both killed in the same accident. Be sure the person you choose has agreed to be a guardian for your children because they will have a lot of responsibility until your children are grown. They'll not only parent your children, they will also manage their inheritance, so you'll want someone you know well and trust.
Help With Setting Up Trust Accounts
Your children won't be able to manage your estate, so you'll have to plan everything in advance. This requires that you name another adult as the executor of your estate. Choose a trusted friend or family member you can depend on to make decisions in the best interest of your children. If you have accumulated a large estate, be sure you choose someone with sound financial judgment and who is capable of navigating the legal system so your affairs are handled properly. Your estate planning attorney may advise setting up trust funds for your children. This allows them to access their money as they need it while growing up, yet it can also prevent them from blowing all their money when they enter their teen and early adult years.
Help With Keeping Your Estate Current
Your financial status will change over the years as your estate grows. You'll want to visit with your attorney on a regular basis to keep your plan current. Make changes in a timely manner after a divorce, birth of a new child, or death of a spouse. You don't want your children to be caught in a situation where your will is no longer relevant because the named guardian has passed away or you became divorced. An attorney can help you control your estate through the years so your business, property, and money go to your children as you have planned.
