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Planning Your Estate for Minor Children

Posted by Chris Peterson | Aug 24, 2015 | 0 Comments

Planning Your Estate for Minor Children

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If you and your spouse have minor children, it is essential that you make arrangements for their care should you unexpectedly die. This is especially the case in situations where both parents pass, but there may also be some things you want to make sure your children get even if you are survived by your spouse. Bryan estate planning lawyers will guide you to set up an estate plan that recognizes the needs of your minor children.

Estate Planning Needs Change

One of the most important aspects of estate planning is to understand that over time situations change. Children who are newborns have different needs than those who are in, say, high school. Ultimately they grow up, possibly go to college, get married, and have children of their own. Recognizing that families are dynamic is an important, but often neglected aspect of estate planning.

Specific Needs of Minor Children

If you have minor children you know that their needs are many. You will need not only to make sure that they are provided for financially should both you and your spouse die, but they will need someone to care for them as well. Many estate plans, therefore, include provisions for both a guardian and conservator. The guardian's role is to care for the children, to act as a parent would. The conservator simply holds the proverbial purse strings.

When selecting a guardian, you will want someone whose values reflect yours. Remember that they will have the responsibility of making decisions about the children's medical treatment, schooling, religious training, etc. Your children will adjust much more readily if they know the guardian they go to live with. Moreover, this person's lifestyle and discipline philosophy should mirror yours as closely as possible.

Planning for the Care of Special Needs Children

Setting up an estate plan for a special needs child requires additional considerations. The child may have ongoing medical issues. Moreover, many special needs children are never able to care completely for themselves. You will need to determine how best to ensure that they are cared for long-term. You might consider setting up a trust specifically for the special needs child. Remember, though, that by doing so you might render the child ineligible for long-term state assistance. Your attorney will discuss this matter with you so that you determine the best arrangement possible under the circumstances.

Call Us to Discuss Estate Planning and Your Children

If you have minor children it is essential that you make provisions for them in case you and/or your spouse dies. Bryan estate planning lawyers will provide you with the guidance you need to develop a sound plan for their care. Call Peterson Law Group today at 979-703-7014 or 936-337-4681.

About the Author

Chris Peterson

Chris Peterson is the owner of Peterson Law Group. He practices primarily in the areas of wills, trusts and estate planning; probate and trust administration; elder law; and business law. Chris is also the owner of Brazos 1031 Exchange Company.


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