Ensuring the well-being of minor children is a top priority for parents. Estate Planning attorney Bri Niro of Mazza+Niro (MazzaNiro.com) offers tips to help you plan your estate effectively.
- Designate a Guardian: Appoint a guardian for your minor children in your Last Will and Testament to ensure they are cared for by someone you trust.
- Establish a Revocable Living Trust: Create it to manage your assets if you pass away while your child is still a minor.
- Include Guardianship in a Power of Attorney: Designate a guardian for your minor if you become incapacitated, ensuring continuity of care.
- Choose a Trustworthy Executor and Trustee: Select a trustworthy Executor and Trustee to manage your estate and safeguard your children's interests.
- Hold Minor's Share in Trust: Create staggered distributions at ages 18, 25, and 30.
- Discuss Your Estate Plan with Your Children: Be open so children understand what to expect.
- Plan for Future Needs: Establish a special needs trust for children with disabilities.
- Plan for Pets: Decide what will happen to your pets.
- Distributions to Minors: Allow your Trustee to distribute to your minor children for health, education, maintenance, and support.
- Plan for Contingencies: Consider what would happen if your children predecease you, and adjust your estate plan.