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Providing for a minor child through estate planning techniques

| Jun 26, 2020 | Estate Planning |

New Jersey parents are naturally concerned about the future well-being of their children. You want your kids to be safe, do well in school and have what they need for long-term security. One way you do this is by making sure to account for their needs in your estate plan. Through specific estate planning techniques, you can care for your kids even if you and the other parent pass away unexpectedly.

Estate planning with the potential future needs of the kids in mind is important regardless of the age or health of the parents. It is always prudent to have a plan in place due to the unpredictable nature of life. When you know you’ve addressed these sensitive and sometimes difficult issues, you will have confidence and peace of mind for the future.

What should you do?

You will need to consider the physical needs of your kids. This means appointing someone to act as guardian in case you and the other parent pass away. This is a serious decision, and it is one you should make only after careful consideration. Not only should the person you appoint be willing to act in this capacity, he or she should also be an appropriate age, as well as physically and mentally capable of the task.

In addition to this, you can use certain estate planning tools to care for the financial needs of your children as well. This means you can set aside both money and assets for their long-term care and other needs. You will also need to appoint a trustee to oversee the use of these assets. It should be someone trustworthy, dependable and adept at handling finances. This is also an important decision, and you would be wise to give thought to the unique needs of your kids.

Planning the right way

It’s impossible to predict the future, but with the right plans in place, you can look confidently at what is ahead. You can’t control what will happen, but you can control who will look after your kids and whether they will have financial resources in case you are not around to care for them.

These are difficult decisions, and estate planning is not always a straightforward process. You will find it beneficial to work with an experienced attorney at every step. An assessment of your kids’ needs, your current financial situation and other factors can help you understand what steps may be necessary for you.