Your children

Everyone considers their children to be their top priority. People make tremendous sacrifices in their everyday lives just for the benefit of their children. Unfortunately, parents often don’t think about what will happen to their children if they are gone. The reality of life is that parents do not always live to see their child launched into a secure, stable middle age. Rather than plan for how their children will be cared for and protected in the event that they might not be around, parents often do nothing and hope the worst does not happen to them.

What will happen to your minor child if you die without a will?

If you don’t have a will, the court will chose someone to care for your child. The person chosen by the court could be someone you would never consider to be the best person to raise your child – your mother-in-law or your estranged sibling. A will is the only way to chose who will care for your child if you are not there to do it yourself.

Who controls my child’s inheritance if I die without a plan?

If you don’t express your wishes in a will or trust, the court decides who controls your child’s inheritance. Generally, the court chooses a professional and takes his or her fees from the estate. Guardians need attorneys to help them comply with the numerous court-ordered requirements, and those fees come out of the estate as well. Of course, the court may not control your money for long. Your child will have full control over his inheritance at the age of 18 – an age when many kids have not even graduated from high school.

What if I am a Single Parent?

According to the US Census Bureau, 25% of children under age 18 live with one parent. This is a risky situation, as the premature death of that parent puts an end to the family. In a single parent situation, it is particularly crucial to have a will naming a guardian of your child’s person and his estate. There is no one but you to protect your child in the event of your death.

What Can I Do To Protect My Child?

Get a complete estate plan with a will and a trust. A trust allows you to control the time and manner of distribution of funds to your children. It also allows you to provide for many of the contingencies that may arise as your child grows up. Your child may have special health or educational needs. You can provide that trust assets be available to your child to pay for a wedding, purchase a home or start a business.