Protecting Minor Children
If You Have Minor Children, You Need An Estate Plan
Many people wrongly believe that estate planning is only for our twilight years. The truth is that if you have children — especially minor children — you need an estate plan.
At Terrazas Henkel, P.C. we help young parents throughout western Montana put estate plans in place to make sure that their minor children are cared for in the event that the worst happens.
The Many Benefits Of An Estate Plan
Everyone should have an estate plan. A will, trust, power of attorney, and other estate planning documents allows you to direct how your property is divided after your death and ensure that your final wishes regarding end-of-life health care are known.
Who will care for your children if you and your spouse pass away?
A will allows you to name a guardian for your children. This person steps in and is responsible for raising the children and tending to their health, education, and general welfare until age 18. While no one will ever take your place, identifying a guardian for minor children may avoid the heartache of a custody dispute after your death. Consider whom you’d like to raise your children in the event of your death and then make sure the proper legal paperwork is in place can give you a little peace of mind with even the most uncomfortable of scenarios.
Who will manage the assets and money until your children mature?
Very few 18-year-olds are mature enough to manage money and property, especially investments, on their own. As a parent, you can establish a trust and name a trustee to manage your assets on behalf of your children until your child reaches a certain age or reaches certain milestones, such as graduating from college.
Make A Plan And Get Peace Of Mind
Putting a plan in place is one of the best things you can do as a parent. Don’t wait any longer to get started. Contact our firm. You will feel better knowing your children will be protected and provided for no matter what the future holds. Call us at 406-541-2550 to schedule a consultation with one of our lawyers.