Many people think that estate plans are only for older people, but this isn’t the case. New parents are doing their children an injustice by not creating an estate plan right away. You might not think that you need one since you are young. However, you should think carefully about what you want for your child if something happens to you before your child is an adult.
There are several things that you need to think about when you are going to create your estate plan with your minor child in mind. Here are a few points that you need to consider:
Name a guardian
One of the most important things that you need to decide is who you would like to raise your child if you pass away. You will give this person testamentary guardianship. This type of guardianship is only exercised if you pass away.
Ideally, you will discuss the issue with the person whom you want to name because if something does happen to you, the court will contact the person you name to find out if he or she is willing to handle the duties. The court will also consider if the person is a suitable guardian before awarding guardianship.
If the person you name isn’t willing, able or found suitable to raise your child, the court will explore other options. This is done in accordance with the state’s laws that would govern situations without a will present.
Other estate planning considerations
You need to appoint an executor over your estate. This person will handle the administration of the estate plan when you pass away. You might also decide that you are going to include trusts in your estate plan. Trusts can help the guardians over your children to financially support the children. If you have assets in your estate plan, you need to name beneficiaries for those assets so that they can access them.
Funeral plans and final arrangements
You need to write the plans for your funeral and other final arrangements. This isn’t a vital part of an estate plan, but having this in place can help those who are left behind take care of these points after your death. It would be very difficult for your loved ones to make your final arrangements while trying to make sure that your child is taken care of.
Ultimately, you need to make sure that your estate plan takes the needs of your child into account. Making sure that your estate plan is in order and legally enforceable is one of the important ways you can protect your child’s future.