Idaho Law Blog
For parents with minor children, setting up a basic Estate Plan is the single most important thing you can do. Completing an estate plan allows parents to make sure their child or children will be cared and provided for. Here are the 2 most important things to consider in completing your estate planning if you have minor children.
1. WHO WILL CARE FOR MY CHILD
Perhaps the single most important thing you can do if you are a parent of minor children is to name a guardian for your children in your last will and testament. In this section of your will you have the ability to name the person or people that you want to be named as the legal guardian of your children in the event both you and your spouse pass away. Doing this allows the courts to name this person as a legal guardian for your children. By naming this person or people you are eliminating any arguments or fights that could occur in your family between well-meaning relatives. The last thing you want to have happen shortly after your death is for a family fight to be created when everybody seems to have the interests of your children in mind but can’t agree about what should be done. When you name a guardian in your will, the decision is taken out of the hands of your relatives and most fights are avoided.
2. WHERE WILL MY CHILD GET THE MONEY THEY WILL NEED
The second most important thing you can do if you are a parent of minor children is to create a Minor’s trust within your last will and testament. This is simply a way for you to direct that any money or property that would pass from you to your child is held in trust for their benefit. Essentially, what this means, is that someone who is responsible will watch over these things and will use these assets for the benefit of your child. Often people will name the same person as the guardian and as the trustee in their last will and testament, but this does not have to be the case. In some instances different people are named so that they will work together and providing for your child or children.
If you have minor children and have any questions about the estate-planning you should accomplish to protect them and their ownership of your property, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
This website includes general information about legal issues and developments in the law. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. You need to contact a lawyer for advice on specific legal issues.