When you have minor children estate planning is vital to assure the well-being of your children if something happens to you.
Why is it important to plan?
Life happens and as much as we like to think we are invincible, unfortunately we aren’t. If something happens to you (and your child’s other parent) and you don’t have a legal plan in place, then a judge will decide who will raise your children and who will manage your children’s money.
Because a judge does not know your parenting style and values, the judge may choose a person to raise your kids that you would absolutely not want to raise them. The judge could also select a person to manage your children’s money who you know will do so poorly or won’t do so in your kids’ best interest.
Also, without legal planning kids will often get their full inheritance at 18 years old. Most young people not prepared to manage a sudden inheritance at this age and this money can get wasted and not be around to help them later in life. This is an especially bad result since they won’t have you there to offer guidance when it is all gone.
How Does Legal Planning Help?
Legal Planning puts you in the drivers seat and protects your children.
Legal planning allows you to choose who will take care of your minor children if you die or become incapacitated. (Note that it is important to coordinate this decision with the other parent because in Utah the most recent document executed by the last parent to die is the document that governs this decision.)
It also let’s you choose who will manage your children’s assets. This person can be different than the person who will care for your children.
You choose how and when your assets will go to your children. Typically this is done by creating a trust, either in a will or in a present trust. You designate the trustee who will manage the money and direct how it will be distributed.
What is KidsSecure™ Planning?
KidsSecure™ Planning is enhanced planning Sundance Law Group uses to give you extra peace of mind when you have young kids and teens.
If both parent die, children can be placed in the state’s custody until guardianship is sorted out. Certainly this result causes additional trauma to children who have just lost their parents. This result is more likely to happen if (1) no one knows where your estate planning documents are, (2) no one knows who is appointed as a guardians of your children, or (3) your family, and in particular your guardians, live out of the state or the country.
KidsSecure™ Planning helps alert caregivers and responders regarding your guardianship selection. It also involves educating guardians regarding your wishes and directions for your kids’ care. The planning also includes a thorough discussion of guardianship options (including what you want to happen if potential guardians are divorced or if one guardian is deceased). It also includes a discussions about