What will happen to your children if you pass away?
If you are a parent with minor children, crafting a well-planned estate, trust, and will can go a long way to provide for them if you pass away. What will happen to your children if you pass away? This is one of the hardest questions for parents to face. Hiring our experienced estate planning attorneys in Sandy, Utah will help you make the right decisions related to your children’s needs.
Who Will Manage Your Assets?
If you have assets that include life insurance policies and you do not have an estate plan in order, your children will receive all assets from your estate. The assets are overseen by the Circuit Court and not a trusted Trustee that you know. Creating a trust and naming a trusted family member to be the trustee is the best way to ensure your child’s money is protected for them until they are of age to manage it themselves. Naming a trustee will help to protect your children from dealing with the hassle and expense of getting their assets from the court. If you name the same person as trustee and as the legal guardian for your children, it shows the court that you carefully thought about this decision and you believe this person to be the best person to handle your estate.
Naming a Legal Guardian
One of the hardest decisions to make is to determine who will be a suitable person to raise your children. Take the time to carefully plan out this decision to select a person your children trust, and someone you know will do a good job in raising your children.
When Can Children Manage Their Finances?
It is important to determine what age you feel your children are capable of managing money from your estate. Some parents designate the age of 18 while others designate age 21 or older to ensure their child doesn’t waste the money. Our estate planning attorneys can counsel you on the best plan to follow for your minor children.
For more information about your living will, trusts, and estate plan, contact Green Legal Group today, (801) 405-7827.