Family Estate Planning for ChildrenBy James Blake on
Estate planning is especially important for families with children. A last will and testament is a cornerstone of family estate planning for children. Additionally, it’s important to consult an estate planning attorney about appointment of guardian for children, contingent trusts for children, appointing a health care agent for children, as well as estate planning with a health care power of attorney and advance health care directive for parents.
Appointment of Guardian for Children
Appointment of guardian for children in a last will and testament is important to provide for your children if you die or become incapacitated. Dying without a last will and testament, forces a judge to appoint a guardian instead of giving you a choice. To avoid this outcome, consult an estate planning attorney to draft an appointment of guardian for children in your last will and testament. You can also specify who should not be appointed guardian for your children. Judges give preference to your appointment of guardian, unless the person refuses or the judge finds them unqualified or unfit for appointment of guardian.
Estate Planning with Contingent Trusts
Family estate planning for children also involves the creation of contingent trusts for children. Without a contingent trust, children receive their portion of the estate under a last will and testament when they reach 18 years old. A contingent trust holds trust assets for the health, education, maintenance and support of the beneficiary children. An estate planning attorney can draft special provisions in the contingent trust to reflect your wishes and special instructions, and the contingent trust can terminate and distribute assets to the child at the age you think is appropriate.
Healthcare Agent & Health Care Power of Attorney
Designation of health care agent for minor children and health care power of attorney for parents are important components of family estate planning for children. A designation of health care agent for minor children allows your agent to make medical health care decisions for your minor children in an emergency when you can’t be reached. Parents should also consult an estate planning attorney to protect their own health, wishes, and medical health care decisions with a health care power of attorney and advance healthcare directive.
Family estate planning for children will provide years of peace while protecting your loved ones in accidents, emergencies, and death. Our Texas law firm regularly advises clients regarding family estate planning for children. Talk with an estate planning attorney today.
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