Two Musts for Your Estate Plan if You Have Minor Children
If you have kids who are still under 18, you may not even think you are old enough to worry about estate planning. However, you do have to consider unexpected tragedies and how your family could be impacted if you don’t plan ahead. Here are a couple of things that absolutely must be a part of your estate planning if you have children.
- Set up a trust – A trust can be designed to leave an inheritance for your children when they come of legal age (or any age you set). This allows a successor trustee to protect the inheritance while your kids are still kids. You can also include special disbursements such as for school supplies or medical bills to help their legal guardians.
- Select legal guardians – One thing to think about is who will raise your children should you and your spouse pass away at the same time. Whether you pick family members or close friends, you may want to include input from your kids. Be sure to express your wishes to the guardians you designate, but also realize that everyone will have their own parenting style.
If You Are a Parent, Now Is the Time for Estate Planning
Whether you haven’t done any estate planning yet or you haven’t updated the plans to include things that are necessary for the children, now is the time. Call Petrov Law Firm at 619.344.0360 for all of your California estate planning needs.