How Can I Protect My Minor Children Through Estate Planning?

man with children

If you are worried about what will happen to your minor children when you are gone, you have to make an estate plan. A comprehensive estate plan can make it easier to ensure that all of your children’s needs are met when you are gone. Passing away without an established plan can actually cause a lot of stress, and the court would not necessarily follow your wishes when dividing up property or choosing a guardian. This is why we recommend scheduling an appointment with a Woodland Hills, California estate planning attorney.

What Should I Consider When Choosing a Guardian for My Minor Children?

One important part of your estate plan is picking out a guardian for your minor children. If you have a spouse, they are an obvious first choice, but it is also recommended that you pick out a backup. If you and your spouse were to pass away in an accident, then you would want someone else named who could take care of the children.

You can choose a family member to be the guardian of your minor children, but you do not have to. You can choose a close family friend as well. It is mostly just important that you find someone who would be a good fit here. Think about whether or not your kids already have a relationship with this person. You probably do not want to ship them off to live with someone who is practically a stranger to them.

It is also important to consider other factors, like whether your chosen guardian is capable of parenting and providing a stable environment for your kids. Of course, it is also important to discuss this with any guardian candidates to see if they would even want to be a guardian.

What is a Financial Guardian and Why Do My Minor Children Need One?

Minor children cannot receive inheritances. Any assets you pass down must be placed in a trust or different kind of account. Then a financial guardian must be chosen. This person can manage the funds, ensuring that your children’s needs are met while also making sure that none of the money is frittered away.

The financial guardian can be the same person as the guardian you chose, or you can pick another person. Maybe you know that the kid’s Uncle Bill will make a great guardian, but he’s not the best with money. Then maybe you’ll want to talk to Aunt Kathy, who is great at managing money, and give them both important roles to play if your minor children need them.

Meet With Our Legal Team Today

If you are ready to learn more about your estate planning options, contact the Law Offices of Yacoba Ann Feldman. We can schedule a consultation and guide you through this process. Have a plan and keep your family members protected.

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