Why Parents with Young Children Need an Estate Plan Immediately
May 16, 2012 By Deborah Sexton Law Office, PA
Reason 1: Your children will need a guardian if you should die. Becoming a parent changes you, especially when you realize that your children are entirely dependent on you. With this realization also comes the knowledge that if you and the other parent should die, your children will have to be cared for by someone else. But who will take on this role?
If you haven't created an estate plan that names your choice for a replacement guardian, it will be up to a state court to decide who takes on this vital role. However, by creating a Will or another document in which you designate the guardian, you can avoid the court having to make this decision.
Reason 2: Someone will have to manage the property.
If both you and your spouse die, your children will inherit your property. If they are young children, however, they will not be able to manage it and will need someone else to do so for them. You can create a testamentary trust that will dictate who manages the property on behalf of your children, a person known as a trustee. If you do not make such a provision, the court will once again have to step in and choose a person who has the responsibility of managing property.
Reason 3: Someone will have to deal with the legal issues.
All the legal questions that arise if you should die will have to be handled by someone you trust. For example, someone will have to oversee the probate process through which property you own is transferred to new owners. You can select who serves in this role by naming an executor or personal representative in your Will. Again, if you do not, it is up to the court to choose this person for you.
ABOUT THE AUTHOR: Deborah Sexton
Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office PA offers estate planning and business planning resources to residents of Fayetteville AR.
Copyright Deborah Sexton Law Office, PA
More information about Deborah Sexton Law Office, PA
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
Reason 2: Someone will have to manage the property.
If both you and your spouse die, your children will inherit your property. If they are young children, however, they will not be able to manage it and will need someone else to do so for them. You can create a testamentary trust that will dictate who manages the property on behalf of your children, a person known as a trustee. If you do not make such a provision, the court will once again have to step in and choose a person who has the responsibility of managing property.
Reason 3: Someone will have to deal with the legal issues.
All the legal questions that arise if you should die will have to be handled by someone you trust. For example, someone will have to oversee the probate process through which property you own is transferred to new owners. You can select who serves in this role by naming an executor or personal representative in your Will. Again, if you do not, it is up to the court to choose this person for you.
ABOUT THE AUTHOR: Deborah Sexton
Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office PA offers estate planning and business planning resources to residents of Fayetteville AR.
Copyright Deborah Sexton Law Office, PA
More information about Deborah Sexton Law Office, PA
View all articles published by Deborah Sexton Law Office, PA
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
