No parent ever wants to think about the possibility of passing away while their children are still children. It can be a terrifying and uncomfortable thought. It is also statistically very unlikely, especially if your children currently have two living parents. However, life is nothing if not unpredictable. No one can predict the future. While you are highly unlikely to need an estate plan that provides for your minor children, it is far better to have one and not need it than to need it and not have it.
As you cannot leave money directly to a minor, even if they are your own child, you will need to use several different estate planning tools to protect them. If you have minor children and you do not already have a strong estate plan designed with them in mind, the time to start building one is today.
Estate Planning Tips for Parents With Young Children
There are a handful of legal tools parents of minor children can use to protect their children should the worst happen. Documents and strategies that may belong in your estate plan include:
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