Family Estate Planning

Every time I close a case in my office, I always advise my client to review his/her will and estate planning documents. Major family events like divorce, remarriage, and birth/adoption of children can impact the ways in which property is handled upon death. Further, it is critically important for parents of minor children to think long and hard about how their children will be cared for in the awful event of the parents’ death(s). Most often, when one parent dies, the other parent automatically becomes the sole legal custodian of the minor children. Sometimes, this legal reality is a concern for one parent where the other parent is uninvolved or unfit for some reason.

In executing a Last Will & Testament, a parent has the option of nominating a guardian in the event neither legal parent is alive or available to raise any minor children. I typically also advise parents creating wills to create trusts for any funds their children are to inherit. A trust can prevent children from having “too much, too soon,” and the funds can be invested to wisely to provide for the children as long as possible. Very often, I suggest that the parents select one person or couple to serve as guardians for the children and another relative to serve as trustees. This arrangement ensures that the children’s inheritance is best protected and not misused in any way by the guardian(s). Separating the decision-making for the children this way can also help keep the children in regular contact with more trusted family members and/or friends.

Regardless of what arrangements and decisions are made, having a solid estate plan can give parents peace of mind and assurance that in the awful event they’re unable to raise their children themselves, they’ve made the best provision for them they can.