If you and your spouse or partner are the parents of minor children, you may have questions about estate planning for young families. This is an important responsibility, and unfortunately, many younger people are unprepared, which creates unnecessary risks.
Some people who know they should act do not move forward because the matter seems complicated, and they don’t know where to begin. With this in mind, let’s look at some of the ways that you can protect your loved ones as a parent with minor children.
Guardianship Designation
First and foremost, your plan should include the nomination of a guardian. This individual would care for your child if both parents pass away or become incapacitated. The court must approve your nomination, but it will do so unless there are some compelling extenuating circumstances.
This is done through the creation of a simple will. However, when it comes to asset transfers, it is wise to look in another direction.
Revocable Living Trust
Since children can’t handle funds, you have to account for the financial side of the equation. This is effectively done through the utilization of a trust, and a revocable living trust can be a good choice for young families.
To use this type of trust, you don’t have to be rich, and you don’t have to worry about losing control of assets. While you are alive and well, you will act as the trustee, so nothing changes regarding your access to the resources you have transferred to the trust.
Along the way, you can change the terms or dissolve the trust entirely. Because of this flexibility, this type of trust is great for young families, but it doesn’t stop there. You can make adjustments as you enter different life stages, so your living trust can be a foundation for the long haul.
After your passing, the successor trustee that you name will manage the trust. They will adhere to the terms that you recorded when you drew up the trust. If you pass while the children are minors, the trustee will be there to manage the funds until they become adults.
Testamentary Trust
The testamentary trust is another possibility. With this approach, the trust is not created while you are still living. It is contained within your will, and it would be created after your death if necessary.
Life Insurance for Income Replacement
Having a trust is great, but where are the funds coming from? Most young adults have not had time to accumulate significant wealth, and it costs a lot of money to support a child for years.
The solution that most people embrace is life insurance. Term life insurance is relatively affordable for younger adults, and a trust can be the beneficiary of a life insurance policy.
Incapacity Planning
Finally, there is the matter of incapacity planning. If you were to become unable to communicate due to an illness or injury, someone has to act on your behalf.
If you have a living trust, you can empower the successor trustee to assume the role in the event of your incapacity. For assets not held by a trust, you can name a decision-maker in a durable power of attorney.
Advance Directives for Health Care
The other part of an incapacity plan will address medical matters. You can use a living will to assert your preferences regarding the use of life support. A healthcare proxy can be added to name someone to make medical decisions not related to life support utilization.
Finally, there is the matter of access to medical records. To give your representative the legal right to communicate freely with your doctors, your plan should include a HIPAA release.
Take Action Today!
We have an estate planning office in Westport, and another location in Glastonbury, CT. You can call us at 860-548-1000 to schedule an appointment at either location, and you can use our contact form to send us a message.
If you would like to take a first step, attend a complimentary monthly seminar to make an initial connection.
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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