When you and your partner have a child, your parental instincts will likely kick in, and you’ll be ready to do everything possible to protect them. Though you’re willing to sacrifice yourself for your child to protect them, one thing you may not have considered is why you need a Medina, Ohio estate planning lawyer to help you document your wishes to provide peace of mind that your minor children will be protected in the event you pass away.
What Can I Do to Protect My Minor Children in My Estate Plan?
One of the most essential things you must do as a parent if you have minor children is a document in your Will that you would like to assume guardianship of your children. This is imperative, as it ensures you have a say in the person who assumes responsibility for your child should the worst-case scenario occur.
When choosing a guardian, you’ll need to carefully consider your options, as they will be responsible for your children’s health, safety, and happiness. Additionally, you should name an alternative option in case the guardian you name is unable to assume the responsibility at the time of your passing.
Additionally, you’ll need to consider how you will leave your children their inheritance. Though most assume leaving minor children assets via a Will is the best option, this is not true. In many instances, the court will appoint guardians for these funds and properties before releasing them to your children when they become legal adults. This means your children may come into a considerable amount of money and make uniform decisions on how to spend these funds.
As such, you may want to create a Trust Fund for your child. This allows you to appoint a Trustee to oversee the distribution of assets. You may include guidelines as to when your child will receive these funds or grant your Trustee the discretion to distribute assets as they see fit.
How Can an Attorney Help Me With This Process?
When you are looking to create an estate plan to protect your children, it’s imperative to consult with an experienced lawyer to help you through this process. This ensures your wishes adhere to Ohio state law and the plan is legally valid and binding. This offers you peace of mind that the wishes in your Will and Trust will be honored should you pass, leaving behind your minor children.
At Krause Law, we understand how important your family is to you. That’s why our team is dedicated to helping you through the complexities of this process to help you do everything possible to protect your children. Contact our firm today to learn how we can get started helping you plan your estate.
