To ensure you have a plan that fully protects your minor children, the following important components must be addressed when working with an experienced estate planning attorney to craft your unique estate plan:
1. Who will care for your children? You should select someone who is physically and financially able to care for your children, as well as someone who shares your personal values.
2. Who will be in charge of your children’s inheritances? You can choose a family member, close friend, or professional trustee to manage the money and property that you leave for your children. Be sure to consider how much time this may require and how much it will cost.
3. What do you own? Consider all of the accounts and property that you own to ensure that they are sufficient to care for your children after you have passed.
4. What are your wishes for your children’s future? Think about your hopes for your children and what you would like them to achieve (e.g., going to college, volunteering).5.How should your children receive their inheritances? Your children can receive lump sums at certain times such as certain ages or milestones, or they can receive amounts at the trustee’s discretion.
