Estate Planning for parents of minor children
Parents of minor children need to plan for the possibility they die before their children reach adulthood. Minors do not have the legal status or cognitive ability to make decisions about their care and finances so an adult must act for them. Two important concerns are who will care for and be the guardian of the children and who will manage the children’s assets. In most cases, the same person(s) can fill the role of guardian and money manager. By planning ahead, parents can have input on the choice of a guardian decision maker and how much control and oversight the guardian has.
Parents of minor children should consider at least having the following documents in their initial estate plan:
- Will with guardianship and trust for minor child
- Revocable Living Trusts (if applicable)
- Durable Powers of Attorney
- Health Care Directives
Some things to consider when establishing an estate plan is deciding which documents you will need and who you will appoint to handle your estate after you pass away. Establishing a guardian and trustee for your child is just a small part of creating a comprehensive estate plan. An experienced estate planning attorney can help you understand which documents best fit your family’s needs.
Please contact our office today at (206) 408-8158, or visit us at www.dallawfirm.com, for a complimentary consultation.
19803 1st Avenue S.
Normandy Park, WA 98148
T (206) 408-8158
F (206) 374-2810
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