When you decide to have children, you may finally feel motivated to create an estate plan. If you already have documents, you will obviously need to change them to protect your children.
There are many different ways for people to do what is best for their children when planning their estates, but all parents will need to address the concerns below.
What important protections do all parents typically include in their estate plans when their children are minors?
They choose a guardian
The selection of a guardian is arguably the most important step a parent can take to protect their children if they die or become permanently incapacitated. If anything ever happens to you and the other parent, the guardian you select can step into your role and help provide for your children.
Choosing someone who is compassionate, responsible and healthy enough to meet those obligations can be a challenge, but finding the right guardian will give you peace of mind.
They set aside an inheritance
Maybe you intend to name your children as the beneficiaries of your life insurance. Perhaps you want the title of your home to transfer to them or to fund a trust when you die. There are many ways to leave financial support for your children. Thinking about what they will need both while they are young and after they turn 18 can help you leave the most meaningful legacy in the event of a tragedy.
Taking the right estate planning steps when you add children to your family will benefit them if anything happens to you while giving you peace of mind about their well-being.