Estate planning for parents of minor children
Estate planning is not just for the wealthy, and it is not just for the elderly. Parents of young children need to plan for the care of their children if both parents should pass away while the children are still minors.
1- Planning for the financial care of your minor children.
Without a Will: If a parent dies without a Will, state law provides for a portion of the parent’s property to pass to their surviving children at the parent’s death. If property is inherited outright by minor children, a judge would appoint a responsible person, the Guardian of the estate, to care for the inherited property. A court-supervised guardianship can be expensive and burdensome and requires annual reports to the court of all expenditures. Another downside: the assets in the guardianship become the property of the minor when the child reaches age 18. [Read more…]