Estate Planning for Parents of Young Children
Nobody knows what tomorrow will bring and parents of young children
should especially be cognizant of that fact. If something were to happen to
you or your spouse, there are certain documents that should already be in
place to protect your children and the assets they’ll inherit.
This may seem like a no-brainer but the fact is, many people have little or
no life insurance. And while the cost of a new policy might seem
unnecessary, the costs your heirs will have to face without one are
Life insurance can help pay any estate or income taxes that might be due,
cover funeral expenses, pay off debt and also help fund a trust for your
Guardian and Conservator
There are two things you’ll need someone else to manage on your behalf:
your children’s well-being and the assets they’ll inherit. A guardian takes
care of the day-to-day care, such as deciding where your children will live
and go to school. The guardian will also have the ability to make medical
decisions on the children’s behalf and be responsible for their upbringing.
A conservator on the other hand, is responsible for handling the assets of
the children until they reach legal age. This person manages the money
you’ve left for your minor children. They will ensure the investments are
performing adequately or they can be charged with doling out sums of
money for specific accomplishments or life events.
You can give both responsibilities to the same person if you choose, just be
sure that this is your intention.
Will or Trust?
While a Will is definitely better than nothing, a trust gives you a few more
options when planning for minor children. With a trust, you can not only
designate a guardian and conservator for your kids, but you can also
structure the trust to provide for their well-being while they’re growing up
and then continue to provide incentives later in life. A trust also keeps the
estate out of probate, so you don’t have to worry about those added
To find out how to best protect your minor children, call our offices today.
Experienced estate planning attorneys Oklahoma City OK of the Parman
and Easterday offers estate planning and business planning resources to
residents of Oklahoma City OK. To learn more about these free resources,
please visit http://www.parmanlaw.com today.