Estate Planning Protects Your Children
Whether you have minor children or adult children, there are steps that you can take to make sure that your wishes for them are carried out when you die. If you die without an estate plan, then a court might end up making decisions that affect your children and other dependents.
In a will, you can identify the person you would want to care for your children in the event of your death. You can also pick an alternate guardian, in case the first person you chose is unable to perform the duties of a guardian, or if they die before you do. If you do not have a plan in place, a court may appoint a guardian for your children or place them in a home.
Estate planning could still benefit your family if your children are eighteen years of age or older. You could use either a will or a trust to leave property to your children. You have many options for distribution if you choose to leave assets for your children in a trust. If you are concerned about their ability to manage a large sum of money, you can give specific distribution instructions to your “trustee,” or the person in charge of overseeing the trust. Another option would be only to allow distribution when the adult child reaches a certain age.
Setting up a revocable living trust can be much more expensive than drafting a will. Weigh your options carefully as you decide which estate planning documents are best for you.