Planning For Minor Children In Your Will

For parents, a will is more than a tool for distributing assets—it’s a way to protect your minor children’s future. A wills attorney can assist with including provisions for your kids so that they’re cared for by trusted guardians and financially secure if the unthinkable happens.

Selecting A Guardian

The most critical step is naming a guardian for your children. Without a will, a court decides who raises your kids, potentially someone you wouldn’t choose or resulting in a fight amongst different sets of grandparents. In your will, you can designate a guardian who shares your values and parenting style. For example, you might choose a sibling or close friend who knows your children well. Discuss this with the potential guardian beforehand to confirm they’re willing and able.

You can also name a backup guardian in case your first choice is unavailable. This adds a layer of security, especially if circumstances change over time or if your first nominee passes away or becomes incapacitated. If you’re co-parenting, make sure that both parents’ wills align to avoid conflicts, particularly if you’re divorced or unmarried.

Leveraging Trusts For Financial Security

Beyond guardianship, a will can address your children’s financial future. You can specify how assets, like savings or property, are used for their benefit—covering education, healthcare, or daily needs. However, minors can’t directly inherit large sums. To manage this, you can set up a trust within your will, called a testamentary trust, to hold assets until your children reach a certain age, like 21 or 25.

In the trust, you appoint a trustee to manage the funds. This could be the same person as the guardian or someone else with financial expertise. The trustee makes sure the money is used responsibly, following your instructions. For example, you might allow distributions for college tuition but delay larger sums until your child is mature.

Another option is a revocable living trust, which avoids probate and can provide for your children during your lifetime if you’re incapacitated. This offers more flexibility than a testamentary trust but requires setup and funding during your life.

Prioritizing Reviews And Updates

Aptt Law LLC suggests updating your will as your children grow or your family changes. A new child or a shift in financial circumstances might require adjustments. Also, coordinate beneficiary designations on assets like life insurance to align with your will’s goals.

Planning for your children in a will is an act of love. Work with an estate attorney to craft a clear, legally sound plan that secures your kids’ future, giving you peace of mind.