Recently, I was reviewing some older posts from a few years ago (ok, three, to be exact) and ran across this one. Of all the topics under the umbrella of estate planning, children are at the top for me. Maybe because I’m a dad myself, but regardless, when it comes to estate planning for children, I have one position: if you have children, you should have an estate plan: no ifs, ands, or buts. I cannot think of an exception to that recommendation, especially if they are still minors.
Here are some “mission-critical” tips regarding estate planning for children in Cincinnati, Ohio, in the event of your death or incapacity. First, you must secure their financial future. However, you do that, through savings, life insurance, or some other way, you need to put a plan in place to protect them. Many put a trust in place to protect what their children will receive over time.
Again, if you have minor children, as part of your estate planning for them, you should name an appointed guardian to ensure your financial plan is carried out as you wish, as well as have someone to help guide them if you are no longer able. Selecting a guardian should be a well-considered decision. Is the person willing to take on that role? Do they have the physical and mental capabilities to handle it? Will they genuinely care for your children? Is it important that they have the same moral and religious beliefs as you? Do they have a good relationship with your children, and do they live near your kids? All of these should be considered when choosing a guardian.
Estate planning for children in Cincinnati, Ohio, doesn’t end at just making these decisions. Once you have a financial plan in place and have selected a guardian (who agrees to take on that role if necessary), it is time to document all these decisions legally. Without a legally binding document, these decisions have little value. For example, you might want a friend, rather than a family member, to be the guardian for your children, but unless you have a legal instrument stating so, the court system might place your children under the care of the family member. If that is not ok with you, you need to take steps to prevent that.
Estate planning for children, in my opinion, is mission-critical and should never be delayed. If you are one-half of a couple, I know the thinking often can be, “If something happens to me, my spouse will take care of the kids.” Here’s the problem with that kind of thinking: tragic accidents can happen, killing both parents simultaneously in an auto accident or plane crash. It happens. So, unless you and your spouse NEVER get in a car together to go anywhere, sadly, it can happen to you, too. Creating a financial plan, appointing a guardian, and legally documenting these arrangements are your responsibilities as a caring and loving parent. No one knows what the future holds, but if something were to happen to you, at least you would have peace of mind knowing that you have done your best to protect your kids. For more information about estate planning for children, visit my website https://davidlefton.com/estate-planning-for-all-stages/planning-with-minor-children/ or simply call me to schedule a consultation at 513-399-7526