Estate Planning For Families With Minor Child

Parents with young children are generally trying to juggle work, kids' school, after school activities, and a seemingly endless to-do list. Therefore, it may seem like there is never time to create an estate plan. Perhaps you even think it can wait until retirement. However, it is a mistake to put off making the important decisions that go into an estate plan.

DAL Law FirmAt DAL Law Firm in Normandy Park near the Seattle-Tacoma International Airport, we often work with young families who realize how important this is. Along with the standard estate planning decisions and documents, there are several unique issues that need addressing in regard to the care of minor children. A mother herself, attorney Darcel Lobo will go over these during the initial consultation to make sure your children are fully protected.

Important Considerations For Young Families

There are several issues specific to estate planning for families with a minor child. Major points a lawyer can help with include the following:

Write a will: A will typically is a document that states how your assets are to be distributed after your death. However, it can also be used to determine who will be the guardian of the children if they are still minors. The court will appoint a guardian if one has not been picked, but that family member may not be the best candidate for your children. It is also worth noting that it is illegal for small children to be named beneficiaries in a will under Washington state law.

Pick beneficiaries for your retirement accounts: This is a relatively simple and straightforward thing to do if your children are older. However, you will need to pick someone who is looking after the children until they are at such an age where they can control their own finances.

Purchase life insurance: This can be crucial in ensuring that your children will be properly cared for without putting undue financial burden on the guardian.

Durable power of attorney

Who Takes Care Of Kids If The Unthinkable Happens? Contact DAL Law Firm.

Estate planning often seems to be the realm of couples who are retiring or have many assets. However, the fact is that parents need to plan for the unthinkable to make sure that your young children will be properly cared for in the unlikely event that you and your spouse are unable to fulfill that obligation. Call 206-408-1688 or contact us online.