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Leaving Assets to Minor Children
When leaving money and property to minor children, even the best intentions can lead to problems. Many parents assume that a simple will is all they need since that is where they can nominate a guardian for their minor children. However, a simple will requires that beneficiaries (even children) receive their inheritances outright in one…
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Myth 4: I’m Not Wealthy Enough to Need a Plan
This myth is perhaps the most dangerous. Almost everyone, regardless of their net worth, can significantly benefit from thoughtful estate planning. An estate plan encompasses far more than just money. In a will, you can nominate a guardian to care for minor children if something happens to you. You can create a pet trust to…
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Myth 2: My Family Knows My Wishes
Some people believe they don’t need an estate plan because their family knows their wishes and will divide everything the way they want it. While your family may intend to honor your wishes, discussions without proper documentation carry no legal enforceability. If you don’t have an estate plan, your assets could go to distant relatives…
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Should My Guardian and Trustee Be the Same?
Whether you select the same person to act as guardian and trustee will likely be based on the ability and capacity of the specific person. Some people may have the skills required to manage both roles effectively, which can simplify certain aspects of the process. On the other hand, not every person can do both…
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Who Makes a Good Guardian for a Minor Child
If you have had any estate planning discussions, you have likely heard the words “guardian” and “trustee.” Although there is no substitute for you as a parent, a guardian is someone who steps in when you pass away to assume your parental role and raise your minor child. Deciding who will be tasked with caring…
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What Happens to My Children?
An estate plan is not just about you. If you have minor children, you need to account for their needs. Your will can nominate a guardian for your minor children in the event that tragedy befalls you. Usually, the court appoints the nominee unless there is a good reason not to. Having a backup guardian…
Category: Guardian
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
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