Estate planning: Consider planning for minor children

Once you have children, your focus shifts from you to them. While new parents make many plans for their kids, one plan might not have been considered yet - an estate plan. You need to think about what you want to happen with your children when you pass away so that you can take steps now to make this happen. You might be surprised at some of the things that you need to consider.

The first thing for you to determine is who you want to raise your children. This person should be someone you trust and who is willing and able to care for them. Some people think that their parents will do this, but you have to think about what will happen if your parents are elderly and can't handle the task. When you decide who is going to take on this duty, you need to name the guardian for the children, which is done as part of your estate plan.

Another thing to think about is how you will financially support the kids. You can set up trusts for this to happen, but there are other options. You might decide to give the guardian your financial accounts, which means you need to have them named as the payable on death designee for each account. These assets aren't included in the will. There is also the matter of your life insurance policy since that can also be used to care for the kids if there is anything left after the funeral and burial expenses are handled.

Remember that you can always update most of your estate plan as your children get older or when your circumstances change. The exception to this is an irrevocable trust, which can't change once it has been established. Be sure to find out what options you have for your estate plan based on your current situation.

No Comments

Leave a comment
Comment Information

Contact Information

Talk to a lawyer today. Call 270-215-4929 for a free initial consultation.

Review Us

Owensboro Office
530 Frederica Street
Owensboro, KY 42301

Phone: 270-215-4929
Phone: 270-689-2412
Fax: 270-689-2335
Map & Directions

Hartford Office
127 East Washington Street
Hartford, Kentucky 42347

Phone: 270-215-4929
Phone: 270-298-7435
Fax: 270-298-9440
Hartford Law Office Map

Evansville Office
7321 Eagle Crest Blvd, STE A
Evansville, IN 47715

Phone: 270-215-4929
Map & Directions

Bowling Green Office
1051 Bryant Way Suite 201
Bowling Green, KY 42104

Phone: 270-215-4929
Map & Directions

Calhoun Office
260 Main Street
Calhoun, KY 42327

Phone: 270-215-4929
Map & Directions

Email Us For A Response

Get A Free Case Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy