As a parent, you have many things to keep in mind. From juggling your children’s school and extracurricular schedules to remembering birthday parties and upcoming events, it may feel like there aren’t enough hours in the day to get everything done. This is why many parents put off planning their estate. However, if you have minor children, taking the time to ensure they are cared for according to your wishes should the worst-case scenario happen is critical. The following blog explores why you must connect with an experienced Nassau County estate planning lawyer to discuss your wishes.
Why Should I Plan My Estate if I Have Minor Children?
If you have minor children and you pass away or become incapacitated, having an estate plan in place ensures your children will be cared for according to your wishes. While this is something you may not want to think about, ensuring you can plan for the worst is critical to prioritizing the best interest of your children is critical.
Because your children are under the age of 18, they have no legal authority to make decisions regarding property and assets. As such, this will be left to the intestate succession laws, if you do not have a will. However, you can specifically plan for your children in a will, allowing you the best opportunity to provide for them should you pass away before they turn 18.
What Estate Planning Options Should I Consider?
Generally, you’ll want to create a will, as this document encompasses a considerable amount of information. Not only can you dictate what will happen to your assets, but you can also name the executor who will manage your will and a guardian for your children. This is an incredibly important decision, so you’ll want to pick someone who shares your morals and beliefs and who you trust to provide the best care possible for your children.
In addition to a will, you may want to consider establishing a trust fund. This can help hold complex assets like real estate or stocks for your children. Additionally, you can put money in these trusts to help pay for your children’s college education. Trusts are incredibly beneficial, as you can create terms about when your children will receive their inheritances. This helps prevent your child from coming into a large sum of money all at once with no idea how to handle these assets.
Do I Need an Attorney for This Process?
Because the future of your children is front and center, it’s in your best interest to connect with an experienced attorney if you are ready to start planning your estate. Unfortunately, many people believe they can create these documents on their own due to the influx of “do-it-yourself” templates online. However, the reality of estate planning is much more complex. As you have children, doing everything possible to ensure your will and trust reflect your wishes is critical to achieving peace of mind for the future.
At Barrows Levy, we understand how important your children are. That’s why we will do everything in our power to help you create a comprehensive estate plan so you can rest assured that your family will be cared for. Connect with us today to discuss your circumstances in further detail with a member of our competent firm.
