As a Webster resident with small children, you have likely contemplated what would happen to your children in the event of your untimely death. You may have a spouse or partner that would be able to care for them if tragedy strikes; however, there are still estate planning steps that you may wish to take to ensure that your children have immediate access to the funds necessary for their care and maintenance.
Many Webster residents make the mistake of counting on a Last Will and testament alone to solve all their estate planning concerns. While a will is certainly a good starting point, when minor children are involved additional steps should be taken as well. In fact, the most important reason to execute a will when you have small children may be simply to nominate a guardian in the event one is needed.
Money or assets left to someone in a will can be held up for months in the legal process known as probate. In order to make assets immediately available to the person who will be responsible for caring for your children, consider converting property and financial accounts to joint accounts or ?pay on death? accounts. By doing this, access to the property or funds is immediately available to the caregiver.
In addition, discuss a trust option with your Webster estate planning attorney. A trust can not only avoid the probate process altogether, but provide you with a significant degree of control over the trust assets long after you
The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.
Tags: Estate Planning, joint property, parents young children, trust, will
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