When you are raising young children, estate planning probably doesn’t feel urgent. It may seem like something for later in life or something that only matters if you have significant wealth.
The truth is that it matters most right now, when your children depend on you for everything. If you wait, you leave important decisions to the state and expose your children to unnecessary risk.
Why Waiting Is Risky
Life is unpredictable. Without a plan, you risk leaving your children without clear directions if something happens to you.
Courts may decide who raises them. State law will dictate how your property is handled, and there can be chaos and confusion among surviving family members. By acting now, you decide what happens to your children and your estate.
Naming Guardians for Your Children
A will is used to name a guardian who would raise your children if you and your spouse pass away. If you fail to do so, the court steps in. Judges act in your children’s best interests, but they may not choose the person you would have wanted.
When making this decision, think about values, parenting style, location, and stability. Just as important, talk with the person you are considering to make sure they are willing to serve. Naming a guardian gives your children stability at a time when they will need it most.
Affordable Life Insurance
Raising children is expensive. Few young parents have enough savings to cover food, clothing, education, and healthcare if something unexpected happens.
Term life insurance offers a practical solution. It is affordable and can provide substantial protection during the years when children rely on you.
Trust for Adult Management
Insurance proceeds, however, raise another issue: children cannot legally own or manage money. To account for this, estate planning for minor children should include a trust, and a revocable living trust can be the ideal solution.
While you are living, you would be the trustee, so you maintain control over the assets. In the trust agreement, you name a successor trustee to assume the role at your death or incapacity.
The trust could be designated as the beneficiary of the life insurance that you have obtained. When you take this route, you have peace of mind in the present, and you can work with an attorney to adjust the plan as the years pass.
A testamentary trust is another option that can protect your minor children. This is a trust that is contained within a will, and it would be created after your passing.
Planning for Incapacity
Estate planning also addresses what happens if you are alive but unable to act. A durable power of attorney is used to appoint someone to manage property not held by a trust.
Advance healthcare directives are executed to assert your medical choices. You can state your life support preferences in a living will, and a health care proxy can be added to name someone to make other types of medical decisions for you.
Don’t Overlook Digital Assets
Much of life today is managed online. From banking apps to social media, your accounts contain valuable and sometimes essential information.
Without instructions, your survivors may struggle to access what you leave behind. Including digital assets in your estate plan prevents confusion and preserves both financial and personal records.
The Time to Act Is Now
It’s easy to tell yourself you will plan later, but life rarely slows down. Waiting only increases the risk that your children will be left unprotected. Planning now gives you peace of mind knowing they will be cared for and their finances will be managed responsibly.
Let’s Get Started!
When you work with us to create a place, you will truly be putting your family first. We have a Glastonbury, CT estate planning office, and another in Westport, and you can call us at 860-548-1000 to schedule a consultation at either location.
You can use our contact form if you have questions, and we invite you to join us at one of our monthly seminars. They are offered on a complimentary basis, and you can visit our Seminar Schedule Page to get all the details.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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