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Planning for Minor Children
Many young parents believe that because they are young and healthy, or poor, they do not need estate planning. However, even young parents can become ill or suffer an accident. Planning for such a possibility is a wise decision. While the lives of young families change a lot, it can be easy to modify your estate plan so that it keeps up with your life.
Planning Considerations for Minor Children
Minor children require several additional considerations, such as deciding who will raise your children, where will your children live, how much access to trust assets do you want to grant your high schooler, and how much help do you want to give your children while there are in college. Minor children are especially reliant upon their caretakers, and good planning will take in the many different considerations in a comprehensive manner.
Prevent Any Mistakes
Because your children are so dependent upon you, it is especially important to have an estate plan in place to ensure that they are taken care of in the event of your incapacity or planning. The state of Colorado recognizes that your children are especially vulnerable if something happens to you, and so Colorado has several procedures in place meant to protect your children and take care of them to the best of its ability. However, the judge assigned to make these decisions does not know your family dynamic as well as you. It is possible for the judge to make the wrong decision about who will raise your kids. An estate plan helps lessen the likelihood of a mistake because you are voicing your priorities and preferences.
Why would I want to give my children their inheritances through a trust?
A trust grants you control over time, which means that while a will effectively distributes your property all at once, you can spread out distributions over time or place pre-requisites that your descendants have to fulfill before they can access your property. A trust can mirror your parenting style and personalize distributions to your descendants according to their unique situations.
Estate Planning In Depth
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Join Brandon Rains and our special presenter, Katie Spencer. Dr. Katie Spencer is a wealth coach and clinical psychologist. Through her business Northbound Coaching, Dr. Spencer offers an insider’s perspective on wealth dynamics within family systems. By working to strengthen relationships and build the foundation to effectively navigate the landscape of wealth, she helps clients identify […]Find out more »