Things To Include In Your Estate Plan When You Have Kids
Having kids is a great part of life, but parenting requires a lot of work and discipline. If you have kids, you might also need to think about creating an estate plan. An estate plan is essential for most families, but it is even more important if you want to protect your young kids. When you make an estate plan while your kids are young, you can protect them by including the right things in your plan. Here are several things you might want to include.
Name a Guardian
Have you thought about who would care for your kids if you died? If you have not thought of this, you will need to as you create your estate plan. Your estate plan allows you to choose a guardian for your kids in the event that you are no longer on this earth. When choosing one, you should speak to the person that you choose to make sure they agree to it. You should also choose someone that you fully trust. If you do not name a guardian, the court will get the legal responsibility of choosing one for your kids if you die.
Name an Executor
You also need an executor for your will if you have young kids. The executor can be the same person as your guardian, or you can name a different person. The executor plays a vital role in settling your estate when you die, and you should choose someone that is competent and trustworthy.
Buy Life Insurance
It is always wise to leave your kids money if you die, and the easiest way to do this is through life insurance. If you buy life insurance, you can name your kids as the beneficiaries.
State Age Requirements for the Transfer of Your Assets
One vital thing to include in your estate plan is age requirements for your kids receiving your assets, including the life insurance proceeds. Many parents set the age at 18, but some set it at a higher age. You can talk to your attorney to determine your options to ensure that you choose the right age for your kids to receive your assets.
You can include these things in your estate plan to protect your kids, but your lawyer might suggest using other tools, too. If you are ready to make a plan, contact a local estate planning attorney, such as one from The Trust Pros, for help with your plan.