Estate Planning for Families with Minor Children

As a parent, your top priority is the well-being of your children. Estate planning allows you to protect them not only financially, but also emotionally and practically. If your children are still minors, creating a thoughtful estate plan is essential.

Appointing a guardian. If something were to happen to you, who would raise your children? Without a will that clearly names a guardian, a judge will make that decision on your behalf. Choosing a guardian allows you to select someone who shares your values, has the capacity to care for your children, and can provide the stability they need.

Managing money for minors. Children under 18 cannot legally inherit and manage assets directly. If you leave them an inheritance without a plan, the court will appoint someone to manage those funds, and your child may gain full control at 18—whether or not they are ready. Instead, many parents establish a trust for minor children. This allows you to choose a trustee and decide how and when your children will receive their inheritance, whether it’s for education expenses, first homes, or other milestones.

Providing for special circumstances. If you have a child with special needs, your estate plan can include a special needs trust to ensure they are cared for without jeopardizing eligibility for government benefits.

Planning for your own care. Finally, don’t overlook documents that protect your children by protecting you. Powers of attorney and healthcare directives allow you to appoint trusted individuals to make decisions if you become incapacitated, ensuring your children are not left in limbo.

By taking these steps now, you can create peace of mind for yourself and security for your children, no matter what the future holds.