Estate Planning For Parents

If you have children, an estate plan can ensure that they are taken care of physically and financially according to your wishes in the event of your death. Below are just a few ways your estate plan can be used to transfer assets to your children, establish responsible financial management of your assets for the benefit of your children, and appoint a caretaker for children under the age of majority.

• Appoint a guardian for young children in your will

• Name your children as beneficiaries of your assets and possessions in your will

• Select a trustee to manage assets on behalf of your children in a testamentary trust created in your will until your children reach a specific age or fulfill specific conditions

• Utilize a living trust to leave assets to your children privately outside of the probate court

• Control the distribution of assets to children over time with a trust

For more information on the mechanics of wills and trusts, see this recent Yahoo! News article.