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Young families have a great deal of planning to do from the moment they welcome a new child into the world. One step that parents need to think about early is estate planning. The estate planning concerns and considerations of younger families will be different than those of older, more established families and individuals. But you can count on the guidance of Kallio Law Firm. Let us show you how our seasoned legal counsel can protect your children.
How an Estate Plan Can Help Your Children
During the first few weeks of being a parent, you will naturally want to take steps which set the stage for your children’s success down the road. The estate plan you adopt should have them in mind. These are some aspects to think about:
Guardianship provisions
Many young parents do not want to think about what would happen to their children if something happened to them. But the reality is that life can change in an instant, leaving your young children without either you or the other parent to care for them. A last will and testament is primarily used to decide how one’s assets will be handled after death. However, you can also use this essential estate planning tool to appoint a guardian for your children.
A judge would still need to review your chosen guardian to determine whether they would be fit to watch after your children. However, the judge would give heavy consideration to the person you select.
Temporary guardianship provisions
Although there are tragic situations in which both parents pass away, leaving their children behind to be cared for by a guardian, there are also cases in which parents become temporarily incapacitated. They could be in a serious accident, for instance, which leaves them hospitalized for a long period of time. In a case like this, the parents will not be able to care for their children during their incapacity.
The guardianship terms of your will only apply after your death. But you can separately designate temporary guardians to watch over your children during an emergency situation like the one described above.
Tutorship for inheritance provisions
Your last will and testament will pass your estate assets to your children and other heirs. Perhaps you have already given thought to how you want to divide up your estate among them. You should bear in mind that if you were to pass away while your children are still minors, they will not be able to legally inherit until they become adults.
In Louisiana, individuals known as tutors are responsible for managing the financial assets that are inherited by minor children. The tutor who is named in your will is the individual who would step into this role if you and your spouse died while they were children.
Trusts
Another tool to consider in your estate plan is the trust. Contrary to popular belief, trusts are not reserved exclusively for wealthy individuals. You can establish a trust to provide for your children’s financial needs by setting aside money for them to receive at certain life stages. For instance, the trust can release additional funds to your children upon achievement of a milestone like successful graduation from college.
While a last will and testament dispenses with the property you have at your death, the trust is geared more towards establishing funding for your beneficiaries (including children). You will need to select a trusted individual who can serve as trustee, a person who will be obligated to follow the dictates of the trust as well as estate laws.
Turn to Us For Your Family’s Estate Planning Needs
The above are just a few examples of estate planning tools that you should use to look after your children’s futures. Whether you already have a plan or you need to revise it, we are ready to help you successfully adapt to and prepare for all of life’s changes. Give Kallio Law Firm a call to get started today.
