Parents of young families have a lot of financial considerations to make. While preparing for your children’s future, here are a few things to keep in mind:
- Creating a will and trust can ensure that assets are distributed according to the parent’s wishes and can provide for the children’s future needs.
- If a testator fails to provide in their will for any children born or adopted after the execution of the will, the omitted after-born or after-adopted child will most likely still receive a share in the estate. This share is equal to what the child would have received had the testator died intestate, unless the will devised all or substantially all of the estate to the other parent of the omitted child.
- Trustees are required to administer trusts expeditiously and in good faith, in accordance with the terms and purposes of the trust and the interests of the beneficiaries. This ensures that the trust assets are managed properly and distributed according to the parent’s wishes.
- Parents should consider appointing guardians and creating powers of attorney for their children. This can include medical and asset management powers of attorney to ensure that someone trusted can make decisions on behalf of the children if the parents are unable to do so.
- Estate planning should take into account any special medical or mental health needs of the children, as well as cultural considerations. This ensures that the children’s unique needs are met and that they are placed in the least restrictive setting available.