The first step is to designate who the guardians of the children would be should both parents die. You may already know who you would want (or not want) to be the guardian. It is best to put things in writing to be clear and prevent family legal battles later on. You can also designate, for example, your financially savvy uncle as the guardian for the child’s finances, but your caring grandmother as the child’s guardian for health and personal matters.
You can also set up a Trust for the minor child to receive a portion of funds at interval ages (Example: a third of assets at age 25, another third at age 30, the rest at age 35). Otherwise, without a Trust or Will, a child could inherit the parents’ entire estate at age 18, when they are not mature or financially responsible enough to handle a large lump sum of money being handed to them. There are many different options to ensure your children, step children, nieces and nephews, are taken care of in the way you want them taken care of. Please talk to our attorneys to advise you in the best way to carry out your wishes.