Estate planning can be a difficult topic for younger California residents, but it’s a necessary conversation to have if you have minor children. An estate plan can ensure your young children are taken care of and provided for should the worst happen.
What should parents consider in their estate plan?
Parents of young children have more things to consider when setting up their will than the average person. In general, parents setting up their estate plans should consider:
- Potential guardians for their children should something happen
- Who will be the executor of the estate
- Who will have power of attorney
Older California residents usually have adult children to help them answer all of these questions. However, most of the time the responsibility of executing a will after a sudden death comes down to the grandparents or aunts and uncles.
Addressing who you want to be the guardian of your children in the will can also help your family avoid making difficult decisions or getting into arguments. More importantly, it’ll make for a – relatively – easy transition during the hardest time in your children’s life.
Planning for your children’s future
There are a lot of things to consider when it comes to your children’s future. College funds, inheritance, and cost of living are all things that parents should think about when setting up their estate plan.
Trusts can be created as a way to control a minor child’s finances until they’re of age to use the funds. In addition to setting money aside for your children’s future, this money can’t be included in estate taxes – ensuring your children can get the most out of it.
Setting up a will and estate plan
It can be difficult to have conversations with your family in preparation for the worst. But having a plan in place can give you peace of mind as well as ensure your children are taken care of.