A good estate plan can give your young children proper care and security.
Parents with minor children need to make special considerations with estate planning as highlighted in the Forbes article "Will Your Estate Plan Truly Take Care of Your Kids?"
Among those considerations are:
- Figure out who you would want to be the guardian for your children. It should be someone who is capable, financially trustworthy and willing to care for your children.
- Think about how your children will be able to survive financially. You might consider purchasing life insurance or setting up a trust.
- If you do leave money for your children, make sure your designated guardian has the ability to manage that money.
- Ask if your designated guardian has ever filed for bankruptcy. If they have, they might not be eligible to be the guardian as they might be unable to get bonded for it.
- If your children have special needs, make sure the guardian knows how to handle those needs.
- Ask if an out-of-state guardian might move to your state. Doing so could lessen the disruption in the lives of your children.
If you do have young children an estate planning attorney can guide you in those special considerations.
Reference: Forbes (June 27, 2016) "Will Your Estate Plan Truly Take Care of Your Kids?"