For Idaho Falls parents with young children, creating a basic Estate Plan is perhaps the most responsible thing they can do. Doing this allows young parents with children in Idaho Falls to create a plan to care and provide for their small children. We work with parents and help them resolve their concerns about how they will care for their family and especially your young children if they were to die unexpectedly. With over 70 years of experience our Idaho Falls Estate Planning lawyers work closely with each client to craft a customized plan for them.
Our team of experienced Idaho Falls Estate Planning attorneys includes partners Randy Budge and Lane Erickson together with attorneys Nathan Palmer and Dave Bagley who have each received the highest ratings for their legal abilities and ethics. Out team has helped countless clients who are parents of young children resolve their biggest fear and concern: dying and not providing for their small children.
How You can PrepareThere Is no avoiding the reality that everyone of us will eventually die. Death even happens to the parents of young children. Irrespective of whether an unforeseen illness or accident results in a premature death, the loss of a young parent who has young children becomes even more tragic when no there is no plan to turn to that names a guardian for the children and provides for their financial needs. Even a basic Idaho Falls estate plan can help young parents of small children create a plan that will give them the assurance of knowing that their children will be cared for by the people they choose. Moreover, these parents also know that the financial needs of their young children will be met including plan for how and when distributions of money and property will be made directly to their children after they have become mature adults.
How You Should Decide Who Will Care for Your ChildWithout a doubt, the biggest concern parents have is if they die, who will take care of their children. The thought of not having control over who will do this fills young parents with terror. When we meet with young parents we put their minds at ease by teaching them that they can choose who will take care of their children through their Last Will and Testament. We help our young parent clients understand that by preparing a specific section in their Last Will and Testament they have the ability to specifically name the person or people that they want to become the legal guardian of their young children.
We also help our clients understand that the guardianship provision they create in their Last Will and Testament will only become effective if both of the parents of the small children are dead. We teach our clients that the guardianship section of the Will helps keep extended family together because it eliminates potential arguments or fights that might happen in their family. It is all too common that the well-meaning parents or siblings of our clients may not all agree about who should be the guardians of the children. By utilizing a guardianship provision in a Will, our clients are in complete control of the decision. As a result, the decision is already made by the parent(s) relatives have no ability to change who is selected.
How You Should Provide for Your Children FinanciallyIn addition to the important act of naming a guarding, a Last Will and Testament can also be used by parents of young children to provide for them financially. This is accomplished by setting up and funding what is known as a “Minor’s Trust”. The Last Will and Testament contains specific provisions to accomplish both of these actions.
When a minor’s trust is created, a person is named as the trustee and is specifically given the legally responsibility to watch over and protect the money and property left in the trust. The trustee is then given specific instructions about how and when to use the money and property in the trust to benefit the children. It is not uncommon for parents to name the same person as both the trustee and as the guardian for their small children. The important thing to understand is that this isn’t required. In some circumstances the parents name different people to fulfill these roles. When this occurs the two individuals usually work together in an effort to make sure that the wishes and instructions of the parents are completed.
Enlist an Idaho Falls Estate Planning Attorney to Help YouOur Idaho Falls Estate Planning lawyers are parents themselves and know the importance of having a plan for their young children. Our team is here to help you. Whether you are seeking your own customized Estate Plan or would like to help a family member, we are available to discuss your options and answer your questions at an initial consultation. Call us toll free at 877.232.6101 or 208.232.6101 for a free consultation. You can also email us directly at racine@racinelaw.net. We will answer your questions and help you solve your Idaho Falls Estate Planning problems.