Planning for Children and Dependents

Estate planning is not just about money and property alone.

Planning to provide for children is an essential part of any parent’s estate plan. Take the uncertainty out of “what if” especially when planning for the care and welfare of your child(ren).

Guardians for minor children

• Though highly unlikely, should both parents die before a child becomes an adult, you can name someone to be the legal guardian for the child. If you don’t “nominate” a guardian (stated in a will), then a judge decides who will be most appropriate to raise your child. You cannot assume that the judge will appoint your mother or sibling to serve as guardian. If you are divorced, the judge typically will appoint the surviving parent; however, this is not necessarily automatic.

Asset distributions to children over time — even if they are adults (over 18 years of age)

• You can control assets passing to your children even after your death by setting up a trust. You can instruct how to manage money left to your children, when to distribute it, for what purposes, and when to withhold it.