Estate Planning with Your Kids in Mind

Creating an estate plan is helpful no matter the size of your family. While planning for the unknown is never easy or enjoyable, it’s important to prepare for those “just in case” scenarios. Estate planning for individuals or couples with children requires additional consideration and preparation. The following are a few ways you can plan for your children.

Parental Authorization for Medical Care

This document allows you to authorize a specific adult caregiver to consent to medical treatment for your child. Authorization can also include enrollment in school or day care, and many other important actions on behalf of your child. In this document you can detail specific circumstances under which authorization by a caregiver may be terminated. While this is an important document to have in place if your child is planning to temporarily stay with another adult, this does not give the authorized adult a right to guardianship or custody of your child.

Declaring a Guardian

A Declaration of Guardian for a Minor Child is a document nominating trusted adult(s) to serve as guardian in the event of your death or incapacity while your child is still a minor. This declaration makes your preferences for a guardian known to the judge who will otherwise make the decision without knowledge of your individual family dynamics and your values.

Trust for Minor Children

Without a trust in place for your minor child, additional probate court proceedings may be necessary to ensure the assets you transfer to your child are properly managed. If you create a trust, your appointed trustee will be in charge of managing the estate until your child is of the proper age. You know your child best, so in the trust you can stipulate at what age they can will gain control and manage their share of your estate. If you have a child with special needs, a trust can also ensure that your child is later eligible for certain governmental benefits.

Conceptualizing and then properly executing a complete estate plan is the best way you can provide for your child’s future in the event that you no longer present to speak for them. Only you know what’s best for your child.