Having children is a joyous experience for many California residents. Of course, the birth or adoption of a child is a major change to a person’s life, which means that it may be necessary to accommodate that change in other ways. For example, individuals who have already created an estate plan may need to make adjustments for their new heirs.
Estate planning with children in mind is about more than just considering what assets they will receive. It is an unfortunate reality that an unexpected illness or accident could take parents from their children much too soon. As a result, it is important that parents consider who they would like to care for their children in the event that they are no longer able to do so. A will can provide information on who the parents would like to act as the guardian of any minor children they have.
Another important planning tool to consider when minor children are involved is a trust. Though parents may think that they can simply leave their estates to their children by stating that desire in their will, minor children cannot directly receive inheritances like money or property. Fortunately, parents can instead have assets pass into a trust that is managed by a responsible trustee who can handle the assets until the children reach adulthood or until another applicable point.
The changes that come along with having children can certainly take time to adjust to, but parents are often happy to accommodate those changes. If California residents have new heirs that they would like to include in their estate planning efforts, they may want to explore their options and the details they may need to include. Luckily, interested parties can work with experienced attorneys to ensure the strength of their plans.