Estate Attorney Cherry Hill, NJ
In an ideal world, parents would not pass away until their children are well into adulthood. Young children need their parents so much, that no one wants to leave them behind with an uncertain future. Creating a will is perhaps one of the most important ways to secure how you would like your children cared for in the event of your passing. Although this can be a painful subject that’s easily avoidable, a will can give you peace of mind in knowing that there is a plan in place. An estate planning attorney can play a key role in making sure that every detail is in place.
Identify a Guardian
With minor children, perhaps the most important thing to carefully consider is the person who will assume guardianship over them in the event you were to pass away. For most, it can be assumed that the living parent will take on this responsibility. This is the most common type of arrangement that can be made. However, you will want to identify another person in the event that neither parent is living. This is perhaps one of the most crucial components to your entire will, it’s important to carefully consider your decision. It may be helpful to think over the following when working to identify a guardian for your children:
- Work towards a compromise with your child’s parent so that you are both in agreement surrounding your choice.
- Although a grandparent can be an attractive option, you will want to choose someone who is a bit younger such as: aunts, uncles, or close friends.
- Choose someone that your children feels close to if at all possible.
- Speak to the person you have chosen to make sure that they are willing to take on this huge responsibility.
- Consider the person’s lifestyle choices and ability to carry this level of responsibility.
In addition, it’s also important to identify a back up guardian for several reasons. In the event that your first choice is no longer living or declines the responsibility, you will want to provide an alternative option.
Appoint a Trustee
A trustee is responsible for managing an inheritance that is left to the child. In addition to identifying a guardian to care for your children, you will also want to appoint a trustee. Sometimes the guardian and trustee can be the same person, however, some may choose two different people to hold these responsibilities. A trustee doesn’t always have to be a friend or family member. In fact, you may feel even more at ease in appointing a professional such as an attorney or bank trustee to hold this role.
Restrictions on Their Inheritance
In the event that your child is a minor when they lose one or both of their parents, they could stand to inherit a vast amount of wealth when they reach the age of 18. Young adults are usually not prepared to accept the responsibility of managing assets of this nature. Protecting their inheritance from themselves may be a necessary step to ensure that they do not squander your life savings. One plausible solution to this is to put together a trust for your child. This can be an attractive option for a variety of reasons:
- Allows you to give clear instructions on how the trust would be managed.
- A trustee can oversee and manage how the trust is utilized and ensure that your instructions are followed.
- You can put specific expectations in place such as an age restriction, educational requirements or other behavioral expectations that proves responsibility.
- A trust can be utilized to help pay for a child’s expenses as needed. For example, college tuition can be paid for from a trust account.
There are a variety of trusts that you may be able to choose from. However, a financial advisor and attorney may be helpful when putting together a trust for your child.
Planning your child’s future without you in it can stir up a lot of emotions that you likely don’t want to think about. Despite this, it’s key to make sure you have a plan in place with your children in mind. By not putting the proper care and planning regarding your children, you risk a variety of complications in the event of your passing. Contact an estate attorney Cherry Hill, NJ relies on at Klenk Law so that you may initiate the process of securing a plan for your child’s future.