As a parent, you want to ensure that your children are taken care of no matter what happens. One of the best ways to do this is by creating an estate plan that includes provisions for your minor children. Check out this website to find a more certified lawyer. Here are some important things to consider when creating a Pennsylvania estate plan for parents of minor children.
Naming Guardians for Your Children
One of the most critical aspects of estate planning for parents of minor children is naming a guardian for your children. A guardian is someone who will be responsible for taking care of your children if something happens to you and your spouse. You should choose someone you trust and who shares your values and parenting style.
Creating a Trust for Your Children
Another crucial part of estate planning for parents with minor children is establishing a trust for the benefit of the children. A trust can hold assets for your children and ensure that those assets are managed and distributed according to your wishes.
Naming a Trustee for Your Children’s Trust
When you create a trust for your children, you’ll need to name a trustee who will manage the trust on behalf of your children. This person should be someone you trust, who is financially responsible, and who has the skills and knowledge to manage the trust effectively.
Providing for Your Children’s Education
As a parent, you want to ensure that your children have access to a quality education. In order to guarantee that your children can afford to go to college of their choosing, you should include educational provisions in your estate plan.
Creating a Plan for Disability or Incapacity
Make sure your estate plan accounts for the possibility of your becoming disabled or incapacitated. If you become incapacitated, you may need someone to manage your finances or make healthcare decisions on your behalf. Naming a power of attorney or creating a living will can ensure that your wishes are respected if you are unable to make decisions for yourself.
Consult with an estate planning attorney
Creating an estate plan for the parents of minor children can be a complex process. To successfully complete the estate planning process and have peace of mind that your wishes will be carried out, it is crucial to work with an experienced estate planning attorney.