Having children complicates life in many interesting ways, and estate planning is no exception. Young parents don’t need anything fancy, but there are a few things you should think about. It’s best to have an estate plan in place, especially with young children, so they are provided for in the event of your passing, to ensure that your family and heirs are protected.
For our clients that come in for estate planning, we offer a few options to help them provide for their minor children:
Last Will & Testament – A will is a written document that instructs how you wish your assets to be distributed when you die. If you have minor children, you have the option to include a Trust for Minor Children provision that states how you want your estate distributed along with who you want as guardian of your children. The one downfall of only having a Will is that you may still need to go through probate.
Revocable Living Trust – A Trust has the same provisions of a Will but if you have real estate to protect and want to avoid probate, this would be a better option. A trust can be an important method of reducing the tax burden on both you and the beneficiaries.
Our office handles every person’s estate planning needs in a professional and straightforward manner that is easy to understand. Our solutions are tailored to your personal needs. If you are thinking about how to provide for your minor children or have questions about planning for your child’s future with your will or trust, please contact our office today at CALL, or visit us at www.dallawfirm.com.