What Type of Estate Plan Should I Set Up for My Kids?

When it comes to estate planning for children in California, there are a few important documents that you may want to consider.

  • Will: A will is a legal document that outlines your wishes for how your assets will be distributed after your death. If you have minor children, you can use your will to name a guardian who will care for them if both parents pass away.
  • Trust: A trust is a legal entity that holds your assets for the benefit of your beneficiaries. A trust can be an effective way to manage your assets and ensure that they are distributed according to your wishes. If you have minor children, you may want to consider setting up a trust for them, which can provide for their needs until they reach a certain age or milestone, such as completing college.
  • Advance health care directive: An advance health care directive is a legal document that outlines your wishes for medical treatment if you are unable to make decisions for yourself. It can also name a person to make medical decisions on your behalf.
  • Durable power of attorney: A durable power of attorney is a legal document that gives someone else the authority to manage your financial affairs if you are unable to do so.

It’s important to work with a qualified estate planning attorney who can help you determine which documents are appropriate for your situation and ensure that they are properly executed. 

A qualified estate planning attorney can help you navigate the various options and choose the right kind of estate plan for your children in California. Here are some ways that a lawyer can assist you:

  • Assess your unique situation: An estate planning lawyer can take the time to understand your family dynamics, assets, and goals for the future. This will help them recommend the right estate plan for you and your children.
  • Explain the different types of estate planning tools: Estate planning can involve a variety of tools, including wills, trusts, and powers of attorney. An attorney can explain the differences between each type of tool, including their benefits and drawbacks.
  • Customize your estate plan: Once an attorney understands your unique needs, they can tailor an estate plan that meets your specific objectives. For example, they can draft a trust that provides for your children’s education, health, and general welfare.
  • Ensure proper execution of estate planning documents: A lawyer can ensure that all the necessary estate planning documents are properly executed, so that they are legally valid and enforceable.
  • Keep your estate plan up-to-date: An estate planning lawyer can help you review and update your estate plan periodically, to ensure that it still meets your changing needs and complies with California law.

Overall, working with a qualified estate planning attorney can help ensure that your children are protected and provided for, in the event of your incapacity or death