The Law Firm of Lan Quoc Nguyen & Associates
The Law Firm of Lan Quoc Nguyen & Associates

800-505-1238
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800-505-1238
Chúng tôi nói tiếng Việt

Estate planning considerations for parents of young children

| Jun 22, 2020 | Estate Planning And Litigation |

The needs and well-being of minor children should be a primary consideration for California parents when making an estate plan. Many overlook the importance of updating existing plans after the birth of a child or as a child ages, but it is necessary to plan for the care and support of any minor kids. These considerations should be a critical part of any estate planning efforts.

This means doing more than simply naming kids as beneficiaries for certain assets. Through an estate plan, a parent can actually name someone to act as guardian in the event he or she unexpectedly passes away. This allows a parent to have some control over who raises his or her children. This requires thinking about the age of the guardian, his or her physical abilities, financial capabilities and a willingness to care for the kids long-term. 

Once a guardian is decided, parents should take steps to plan for how to provide for their kids. Passing assets outright through a will is not the best choice, but it is possible to establish trusts and appoint someone to on behalf of the financial interests of the kids. That individual should be adept at handling finances, investing and evaluating the changing needs of the children over time.

Through estate planning efforts, California parents can look to the future with confidence. They can make plans that will allow them to care for their kids, even if they are not around to do it themselves. Because of what is at stake, it is beneficial to work with an experienced attorney when formulating these plans.