There are a lot of details to take into consideration when you are planning your legacy, and the best way to address them is with the assistance of an experienced estate planning attorney. Rather than being consistently confronted with a series of unanswered questions as you think things through it is much simpler and more efficient to sit down with a legacy planning professional and work through the process from an informed perspective.

Experienced estate planning attorneys know how to proceed under any circumstances and they also understand how to adjust your estate plan on an ongoing basis as changes both within your life and throughout society as a whole take place that impact your existing plan.

One of the intricacies that people often face when they are engaged in inheritance planning involves providing for minor children. There are a number of different ways to proceed, and one of them would be to create a trust and make the child the beneficiary.

You can stipulate whatever you would like to in the trust with regard to what expenditures the trust is empowered to make in behalf of the child while he or she is still a minor. The grantor could then go on to set forth the terms for distribution of assets after the child becomes a legal adult.

Some people allow for the transfer of the total lump sum when the child reaches a particular age, and others arrange for more gradual distributions. You could even choose to include incentives such as allowing for regular distributions while the beneficiary remains in college with a lump sum to follow upon graduation.

Short of creating a trust you could name a property guardian in your will or appoint a custodian under the Uniform Transfers to Minors Act. At a minimum, parents of minor children must have a will where a guardian of the person of your children can be named.

Providing for minor children is an important part of many estate plans. If you would like to learn more details, simply arrange for a consultation with an experienced estate planning attorney.

Anderson, Dorn & Rader, Ltd is a member of the American Academy of Estate Planning Attorneys.

No one wants to consider dying before their children reach adulthood, but it is a very real possibility. Making a guardian plan for your children after your death is the best way to make sure they are safe and happy. To start a guardian plan, make a list of possible caregivers.

Here are some factors to consider when choosing your children’s guardian:

Age

An older guardian, such as a grandparent, will have life experience and maturity, but may, with aging, become physically unable to attend to younger children. On the other hand, a child who has already reached adulthood may have a very close relationship with your younger children. You must take into account whether or not that older sibling will have enough life experience to provide proper guidance.

Lifestyle

Consider what type of lifestyle is important to you. Do you mind if your caregiver is unmarried? Also consider if your choice has other children and if the added responsibility of your own children may be too much.

Ideals

It would be best if your chosen guardian could step in to raise your children the same way you would, but that may not always be possible. Each person on your guardian list will have a different parenting style and may teach your children different morals and values. If you prefer that your chosen guardian observe a specific religion, you may want to make this a major consideration in your decision.

Willingness

What if your chosen person has plans to travel around the world? Or what if that person is doubtful of his or her parenting abilities and is therefore unwilling to take the job? When you narrow your list to five choices, you may want to ask each person if they are willing to take the position.

Relationship

Your child will do best if the guardian is someone with whom he or she already has a close relationship. If you feel your top guardian choice has had limited access to your child, it would be best to start including that person in your child’s life on a regular basis. This could give you a better idea if that person is the right fit.

As you evaluate all of your caregiver options, narrow your list down to two or three choices and rank them. You can use your second and third selections as back-up guardians, in case your first choice becomes unavailable.

For more in-depth insights on this topic see our website: www.KISStheKids.com.

Anderson, Dorn & Rader, Ltd is a member of the American Academy of Estate Planning Attorneys.

Parents of young children often consider establishing a single trust for all their children in the event that both parents die before the children reach a designated age of maturity. This type of trust is frequently referred to as a Pot Trust or a Family Trust. It offers some unique pros and cons for your beneficiaries.

An advantage is that the trustee may be given the flexibility to spend the funds in any way he or she sees fit. That means that little Jimmy could have tuition paid to attend a trade school while Mary’s tuition at an accredited university is paid if that’s what the trustee determines is in their best interests. However, if you gave a trustee broad discretion to make these types of decisions, you should be assured that your trustee is someone in whom you can place your confidence to make the decisions as you would desire.

Another consideration is that the trust is set up to operate until the youngest of the children reaches the designated age. Any funds then remaining in the trust would be disbursed equally to all the children. But if there’s a large gap in ages between your children, the older children may be waiting a significant time to receive thier portion of the inheritance.

Of course a pot trust is only one toll of many to provide an inheritance for your children after you’re gone. To learn more about estate planning for involving young children, call our office today.

Anderson, Dorn & Rader, Ltd is a member of the American Academy of Estate Planning Attorneys.