Pocatello Estate Planning and Guardianship for Minor Children

For Pocatello parents with small children, setting up a basic Estate Plan is the single most important thing they can do to provide protection and financial support. Doing so empowers parents of young children in Pocatello with the ability to provide and care for their children in the event the parents die. We can work with you to resolve your concerns about death, and caring for your family and especially your young children when you are gone. For over 75 years our Pocatello Estate Planning team has worked with our family, friends and clients to craft a customized plan. We know through our experience that a personalized plan provides protection and peace of mind. Our goal is for each of our clients to know that they will be protected while they are alive and that their spouse and children, including minor children, will be provided for, after they die.

Our team of experienced Pocatello Estate Planning Lawyers includes partners Randy Budge and Lane Erickson together with attorneys Nathan Palmer and Dave Bagley who have received the highest ratings for their ethics and legal ability. We have helped numerous clients who are parents of small children resolve their number one fear: dying and not providing for their children.

We all know the reality of life is that we will all eventually die. Unfortunately, even young parents of small children die. Regardless ow whether death occurs through an unforeseen illness or accident, the loss of young parents with small children is more tragic when no plan exists that names a guardian for the children and provides for their financial needs. By completing a Pocatello estate plan, even young parents of small children know that their children will be cared for by the people they choose. They will also know that the financial needs of their small children will be met. Additionally, these young parents will have consciously created their own plan for how and when financial distributions will be made directly to their small children when they become mature adults.

When creating an estate plan, perhaps the single most important thing a young parent of small children can do is decide who to name as the legal guardian for their children. This can be accomplished through their Last Will and Testament. We help our young parent clients by preparing a specific section in their Last Will and Testament that gives them a place to specifically name the person or people they choose to be the legal guardian of their small children. It is important to understand that this guardianship provision in a Last Will and Testament only becomes effective when both of the parents of small children pass away. In utilizing this section of the Will, our young parent clients eliminate potential arguments or fights that could arise in their family between well-meaning parents or siblings who may not agree about who should care for the small children. When a guardianship provision in a Will is completed, the decision is already made by the parent and is taken out of the hands of the relatives.

Naming a guardian for your child isn’t the only thing that can be accomplished through a well crafted estate plan. Additionally, young parents in Pocatello can also use their Last Will and Testament to set up and fund a “Minor’s Trust”. By creating a trust for minor children the parent maintains the ability to decide how the money should be used. The parent can provide specific directions to control the money or property that would pass from the young parent to their small child. The trust is used to hold the money and property for the benefit of their children.

When a trust is created, a trustee is specifically named who becomes the person that is legally responsible to watch over and protect the money and property and then use these items to benefit of the small child. Many times parents will name the same person as both the guardian and as the trustee for their small children. However, this isn’t required. In many instances different people are named to fulfill these responsibilities. When this occurs each person works with the other person to make sure the instructions of the parents are carried out.

Our Pocatello Estate Planning lawyers are parents themselves and know the importance of having a plan for minor children. Out 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 Pocatello Estate Planning problems.