Why is Estate Planning Important for Parents with Underaged Children?

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Written By Charlotte Miller

Estate Planning is important for parents with underaged children for several reasons. Parents want the best for their children, and if either one of them or both of them pass away, who will take care of their children? The children and their inheritance need someone trustworthy. Therefore, estate planning comes to the rescue.

Parents Drafting The Estate Planning

If you consider it from the parent’s point of view, then childbirth is a life-changing moment for them. They are happy to welcome a new fellow to their household, but concerned, too. What will happen to their child if they die?

The St. Louis estate planning attorneys at TdD Attorneys at Law recommend that parents be prepared with their Estate Planning to protect their child if one of them or both pass away. The parents must mention and divide their assets amongst their underaged children.

When the term underage comes, we can understand that the children are minors, under 18. Minors are too immature to come up with their decisions regarding legal contracts and documentation. Neither do they know about inheritance, bank accounts, life insurance, assets, and more. Therefore, Estate Planning is necessary.

Estate Planning is essential to ensure the safety of your underage children if they have to survive without parents. Other factors also contribute to the planning. They are as follows:

Who Is Your Power of Attorney?

You have become medically unfit due to whatever reasons and are not able to make medical and financial decisions. Then, you must appoint your power of attorney to speak on your behalf and make concrete decisions to move ahead.

You don’t need an attorney for the long term as they will act as you until you become perfectly fine. Include a medical attorney to look after the medical side and a financial attorney will take care of finances. In this way, both domains will be covered and protected.

An adult child can be bestowed with the responsibility of a power of attorney. However, you cannot expect the minor to carry and execute the task.

Capable of Being A Good Guardian

Who in your family can become a good guardian of your minor children? It happens that your child is close to one member and is comfortable with them in any situation. You just need to be on the search for who can take care of your child in the same way you do. As things might change if you or your spouse passes away, find someone trustworthy as soon as possible.

Individual Factors

If your children attend school, would the guardian be comfortable staying in the same state or prefer to move to another location? How old are your appointed guardians, and will their age and health conditions come in between taking care of the child? Another critical reason to note down is whether your child has any special needs that must be regularly addressed.  

Therefore, all the reasons matter in estate planning for your minor children to protect them.