Ensure That Minor Children and Grandchildren Are Protected
If you have minor children, your estate plan should include provisions for a guardian to raise your children and to manage your assets on behalf of your children if you should become incapacitated or pass away.
You should give careful consideration regarding your choice of guardian to ensure that he or she shares the values you want to be instilled in your children. You should also give consideration to the age and financial condition of the potential guardian.
If you fail to plan, the decision as to who will raise your children and manage their finances will be left to the California Courts. The Law Office of Carol A. Fauerbach can help you to prepare an estate plan that makes clear to the Court your wishes should a guardianship become necessary.
When developing your estate plan, you should also consider whether you would like your beneficiaries, including your children and grandchildren, to receive their inheritance directly, or have the assets placed in a trust and distributed to them subject to specified conditions or circumstances such as age or financial need. You can also place incentives on receipt of assets based upon behavior and education. This will protect the children from receiving substantial assets before they are mature enough to handle their finances in a prudent and safe manner.
Learn More Today
The Law Office of Carol A. Fauerbach can help guide you through your options for providing for minors or other young beneficiaries. Call us at 916-597-1305 or reach out to us online. There is no charge for the initial consultation.