Planning for Minors is an Absolute Must

Your minor depends on your during life and this includes planning for the ‘what ifs’ as uncomfortable as it may be. We need to make clear where minor children will live, who will raise them, how their assets are managed and more. Estate planning can help clarify:

• Guardian Selection.  An estate plan allows you to nominate a guardian for your minor child in the event of your untimely death or incapacity. Without a clear plan, the decision about who will care for your child may be left to the courts, which may not align with your wishes. By specifying a guardian in your estate plan, you have the peace of mind that your child will be raised by someone you trust.
• Asset Management.  An estate plan allows you to establish a trust to manage and protect the assets you leave behind for your minor child. Through the trust, you can designate a trustee who will oversee the assets and use them for the child’s benefit until they reach an age when they can manage the assets themselves responsibly. This ensures that the inheritance is used for the child’s well-being and avoids potential mismanagement or misuse of funds.
• Financial Security. An estate plan helps provide financial security for your minor child. It can include life insurance policies, savings, investments, and other assets that can provide for their immediate and long-term needs. By having a comprehensive plan, you can ensure that your child’s financial well-being is protected and that they have the necessary resources for education, healthcare, and other expenses.
• Minimizing Conflict. Without a clear estate plan, disputes and conflicts among family members can arise regarding the custody of your minor child, management of assets, or distribution of inheritance. By creating an estate plan, you can minimize the potential for such conflicts and ensure that your wishes are legally documented and enforceable.