Becoming a parent changes everything. Suddenly you realize that you are completely responsible for another human being – and while that responsibility might shift and change over the years, it never truly ends. As a parent, you want to be sure that your children are financially secure, both while you are here and when you are gone. Ensuring that your minor children and young adults are protected if something happens to you requires careful and comprehensive estate planning. At Amato Law, PLLC our experienced estate planning attorney can help you develop an estate plan that protects and provides for your minor and young adult children.
Protecting Your Minor Children in Your Estate Plan
Before your first child is even born you should plan for that child within your estate plan for several reasons. Chief among those reasons is the fact that a minor child cannot inherit directly from your estate. If something happens to you, an adult must oversee and manage the inheritance of a minor child until the child reaches adulthood. The same applies if you become incapacitated. In the absence of appropriate estate planning tools and documents, a court may be forced to decide who will manage assets intended for your child’s care and maintenance. Likewise, a judge will have to decide who becomes your child’s legal guardian if one is needed. Without knowing your wishes as expressed in your Last Will and Testament, that judge might someone you would never want to raise your child.
Estate Planning for Young Adult Children
A young adult child (usually 18 and older) can legally inherit from your estate; however, handing a young adult child a significant lump sum inheritance is not always wise. Despite the maturity of your young adult child, inheriting a large sum of money shortly after the death of a parent is often a recipe for disaster. Using your estate plan to appoint someone to manage that inheritance and to stagger the disbursements can dramatically increase the odds the inheritance will not be squandered and, instead, that it will be used as intended – to provide for your child. Without a comprehensive estate plan in place that considers the knowledge and skills of your young adult child, the assets you leave behind may be gone in short order, leaving your child without the protection and financial security you intended to provide.
Our attorney at Amato Law, PLLC can help you create an estate plan that protects and provides for your minor and young adult children should anything happen to you. Contact our office today by calling 212-355-5255 or filling out our online contact form.