ESTATE PLANNING BASICS FOR PLANNING FOR MINOR CHILDREN
Aug. 2, 2022
This blog article will cover the basics of estate planning for parents with minor children. The primary goal of estate planning is to protect your financial status, the financial status of your family, and your assets. This is often accomplished by using various documents.
A will, more formally sometimes called a Last Will and Testament, is a written and witnessed document that legally authorizes the wishes of the author of the will (known as the testator) to be put in place after their death. The will allows the testator to be in control of their property, business interests, investments and all other assets. For parents of minor children, a will also allows you to name a guardian for your children. This is a way of protecting your children during your lifetime by designating someone to take care of them if you die.
Another essential estate planning document is the power of attorney. In a power of attorney, you (the principal) designate someone (the agent) to make decisions for you in the event you become incapacitated. The agent (sometimes called an “attorney-in-fact”) manages your affairs, pays your bills, looks after your investments, etc.
There is quite a bit of flexibility when it comes to choosing the kind of power of attorney you wish to have. For example, you can set the power of attorney to become effective immediately, or to start only when you become incapacitated. With the former, you must choose someone as your agent who you absolutely trust, as they will have power over your assets immediately. With the latter, the agent does not have power until you become incapacitated, but the process of determining whether you lack capacity can be long and drawn out.
How an Attorney Can Help
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Pick at least one day a week that your family eats meals together as a family. No TV, no phones. It doesn’t have to be the same day every week. It will encourage family togetherness and bring a sense of calm to the home.