All parents should begin estate planning; however, parents with young children especially need to have estate plans because they have concerns that are different from other adults, such as who will physically and financially raise and care for their children if they both die.
Some of the different concerns that parents of minor children will need to address, include:
- Choosing a guardian – A guardianship can be set up through a written will and establishes who will care for minor children and make necessary decisions about medical care, schooling, and more.
- Selecting a conservator of assets – Setting up a conservatorship provides for the management of money and property left to the children until they reach the age of 18.
Parents can choose one person to fulfill both guardian and conservator roles or two different people to take over the different responsibilities. Perhaps the most important decision a parent can make is selecting a guardian—someone to look after, care for, and make decisions in the best interest of their children. Although no parent wants to think about someone else raising their son or daughter, it is crucial that parents put a lot of thought into this decision and choose someone who has similar values and child-rearing beliefs. Remember, this person does not have to be a relative.
Although it is rare that both parents should die at the same time, the consequences of failing to name a guardian or conservator may put your children into the hands of someone you don’t want raising your children.
You also do not want to cause a financial burden for the guardian. Have an experienced attorney help you make the proper arrangements to make sure your child will be provided for in the way you want. For your Georgia estate planning needs, and to establish a trust for your child’s inheritance, contact the Shane Smith Law for a free consultation with a skilled Peachtree estate planning lawyer today at (770) 487-8999.