How can I plan for the future of my minor children after I die?
The future of minor children after the death of a parent is an important consideration when creating an estate plan. Estate planning law in Arizona provides a number of options to ensure that the future of minor children is thoughtfully provided for after a parent’s death. The first option is to appoint a guardian of the child in the event of the death of a parent. This person will serve as the legal guardian of the minor child and will be responsible for making decisions about the child’s care, including educational, medical, and financial matters. The guardian must be an adult and is appointed in the parent’s will or through a separate guardianship document. Another option is to create a trust that will hold the assets of the minor child until they reach an age of majority. This trust document can specify when and how trust funds can be used, and it can even include instructions as to how those funds are to be invested. Finally, it is also important to make sure that the child has access to necessary life, health, and disability insurance coverage so that they are financially protected in the event of a parent’s death. Estate planning law provides several tools to ensure that the future of minor children is secured after the death of a parent. It is important to think through each option and select the one that best suits the needs of the family and the minor child.
Related FAQs
What are the benefits of establishing a family limited partnership?How do I set up an estate plan?
What estate planning documents must be witnessed?
What is a charitable lead trust and how does it work?
What are the tax implications of estate planning?
What is an estate freeze and how does it work?
What is a trust protector and how does it work?
What rights do my heirs have to my estate?
What is a Living Will and how does it work?
How do I make sure that my digital assets are taken care of after my death?
Related Blog Posts
Understanding Estate Planning Law: What You Need to Know - July 31, 2023Developing an Estate Plan: A Guide for Families - August 7, 2023
Tax Planning Strategies for Estate Planning Professionals - August 14, 2023
The Basics of Estate Distribution and Taxation - August 21, 2023
Exploring the Benefits of a Living Will - August 28, 2023