While you can grant your adult child power of attorney, you may not give this task to a minor child. Usually, you may require a power of attorney if you become ill or incapacitated, and the responsibility may be permanent or temporary. Power of attorney refers to giving another person the ability to make medical and financial decisions on your behalf. They also assume the responsibility of providing basic care such as shelter, food, education, and healthcare for your children. They will be able to make all the children’s legal, medical, education, and financial decisions until they come of age. Should you and your spouse be unable to care for your children, a legal guardian will take on this responsibility. Selecting a guardian for your children can be one of, if not the most emotional decisions in your estate planning process. We understand it’s never pleasant to think about leaving your minor children behind due to an untimely passing, but assuming that the worst may happen is essential for creating an estate plan if you have minor children.Įvery family situation and estate plan are unique, and when you create yours we implore you to consider these seven elements to ensure your minor children are looked and cared after. While we'd all like to believe that we'll be able to leave our estate to our adult children after a long and fruitful life, sometimes life can throw a wrench in our plans. Notice: JavaScript is required for this content.For most parents, the main goal of estate planning is to ensure that their children are looked after in case anything were to happen to them. Upcoming FREE Workshops: 3 Easy Steps to Protect Your Stuffįebruary 12 | 10:30 am – 12:30 pm | Lawrenceville Officeįebruary 19 | 6:00 – 8:00 pm | Johns Creek Office Register for our upcoming workshop and get answers to frequently asked questions about estate planning and more. We offer free workshops to gently guide you towards planning your estate. We care about protecting your assets and securing your legacy and want the estate planning process to be as seamless as possible. The Estate Planning Law Group of Georgia is a highly experienced estate planning and elder law firm with a long list of happy clients. There are a lot of steps in this process that an attorney can help you weed through, and when done right, your loved ones will be saved from any courtroom drama or unnecessary tax bills. An estate planning attorney will have a deep knowledge of probate, trust, and the estate planning laws in your state. Making Funeral Arrangements: if you don’t outline your funeral arrangements, the state hands the responsibility to your legal next of kin.ĭon’t try to do this all on your own find an estate planning attorney to help you. This protects assets against immature judgement, and keeps your family out of the courthouse, eliminating the need to create time-consuming and expensive conservatorships with the court.ħ. Setting up a testamentary trust: When set up properly, a testamentary trust is created upon your death to catch assets for your underage beneficiaries. If you place your assets in a trust account, it may limit the amount of taxes your beneficiaries will have to pay.Ħ. Setting up trust accounts: make sure you set it up in the name of your beneficiaries in your will. Naming your beneficiaries of assets: who are your beneficiaries for your 401K, IRA and life insurance?ĥ. Having a Power of Attorney: if you become incapacitated, this trusted person will execute all your legal and financial matters.Ĥ. Naming a legal guardian to your children: someone you trust who will be responsible for your children if they are under 18.ģ. Naming the executor of your estate: this person carries out your will, takes care of your tax obligations and represent you in any legal disputes among your beneficiaries.Ģ. Things to consider when planning your will:ġ. If you haven’t thought this through yet and it seems overwhelming, the checklist below will help you get a plan together for the newest member of the family. Have you thought about guardianship for your child, in case something should happen to you? What would your child’s inheritance be, and who should handle it? After all, it’s not about you anymore, but about your beautiful child and the life you will provide for your baby. Rather, it is something that all parents (and people, really) should consider. Got an estate plan in place?Įstate planning is not just for the rich and famous. Congratulations on becoming a new parent! You’ve gone through your new parent checklist and crossed off all the to-dos.
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