When it comes to estate planning for children I have one position: if you have children, you should have an estate plan. No if’s, and’s or, but’s. 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 make sure 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 truly 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. Without a legally binding document, these decisions have little value. For example, you might want a friend, not want a family member, to be the guardian for your children but unless you have that legal instrument saying so, the court system might just 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. Making a financial plan, appointing a guardian, and legally documenting it all is your responsibility as a caring and loving parent. No one knows what the future holds but if something happens to you, at least you have peace of mind that you have protected your kids to the best of your ability. 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