Every parent wants to make sure their children are provided for in the event something happens to them while the children are still minors. It’s important to have an estate plan in place to ensure your children are protected in the event a tragedy happens. Here at DAL Law Firm, we have the knowledge and experience to provide the best options possible for your family.
Children often inherit money, real estate, stocks, and other investments from their parents. If there is no estate plan in place, in the event the parents pass away while the children are still minors, probate court can get involved.
One option is to include a trust for minor children in your will. The person who you name as Personal Representative in your will would control the distribution of your assets but only after probate has been opened. Another option is to create a Revocable Living Trust. When you have a Revocable Trust in place, you can transfer any assets you own into your trust, and after your passing, your successor trustee will administer your assets according to your trust. With a Revocable Living Trust, you can avoid probate.
We know it’s not easy to think about what would happen to your children if something devastating occurred but having the proper estate plan in place can ease your worries. If you are a parent with minor children, or have questions about planning for your child’s future with your will or trust, please contact our office today at (206) 408-8158, or visit us at www.dallawfirm.com, for a complimentary consultation.