Every family with children should create an estate plan to protect them if something happens to their parents. A seasoned estate planning attorney from Parakletos Law PLC can advise you about the best ways to make sure your children have everything they need, even if you’re gone and can’t care for them yourself.
At Parakletos Law PLC, we’re invested in upholding high ethical standards, providing exceptional service, and exceeding expectations. Based in Hudsonville, our law firm serves clients throughout Kent, Muskegon, and Ottawa counties, including Holland, Wyoming, Allendale, Byron Center, Grandville, Jenison and Zeeland. Contact us today, and speak with a lawyer who can help you plan for your minor children’s futures.
When you have children, the focus of your life changes. Along with those children comes more responsibility and a desire to see that they’re protected if something should happen to you before they reach adulthood. Who will they live with? What happens if they need braces? What about sports expenses? Who’ll pay for college? When your children are underage, they won’t be able to make decisions for themselves. You need to have the foresight to make plans on their behalf.
One of the ways you can be sure your children are cared for is by creating an estate plan that will provide for them if you can’t care for them yourself. An experienced estate planning lawyer from our law firm can help.
A will is the first thing most people think of when the subject of estate plans arises. A last will and testament is the document you create that allows you to make your wishes for the distribution of your assets known. You can appoint an executor of your estate who will handle distributing all your possessions and wealth to your heirs and beneficiaries.
However, wills have another vital function when you’re the parent of minor children. You can also select a person to act as guardian for your minor children.
You must carefully consider a variety of factors when selecting the person who will become the guardian of your minor children. An attorney can help you evaluate candidates. Factors to keep in mind include:
You know how you want to raise your children. You are the best judge of whether someone else can carry on as you’ve begun. Don’t leave this important decision to the court. If you don’t appoint a guardian for your minor children before you die, the court will.
Appointing a guardian for your minor children is not the only way you can protect them if something happens to you. An attorney from our law firm can help you create a trust that you can fund with your assets or with the proceeds from a life insurance policy. A trust can provide money to support the lifestyle you want your children to have.
When you and your lawyer create the trust, you can include directions for how the trust funds should be distributed. You can direct the trustee to pay the guardian a certain amount of money each month for the children’s living expenses. You can leave instructions that a certain amount of money can be used if the children need braces, or if they wish to participate in sports, or go to music camp. You can earmark funds for college or for trade school.
You can also designate plans for the assets in the trust to be distributed to your children after they reach majority. If you wish, you could have the trustee divide the remaining trust funds equally between your children when the youngest reaches majority. Or you could give a percentage or specific dollar amount to each child at milestones, such as a 25th birthday or the purchase of a first home.
When you create a trust, you must appoint a trustee. The trustee will be required to administer the trust in accordance with the rules set out in the trust document. They will also be required to provide an annual accounting of their management of the trust. For this reason, they must be good with finances and detail-oriented. The trustee should be someone whom you trust. If the trustee is on good terms with the guardian, that is a plus, but there is no requirement that they know each other.
You can select the same person to serve as guardian and trustee, but because these roles require different skills, many parents designate separate people.
If you have a minor child who is disabled and will need care for the rest of their life, you’ll need to establish a special needs trust. These trusts allow you to provide some extras to make your child’s life easier without disqualifying them for the government benefits that will be essential for their living expenses.
Your children will grow and change, and so may your relationships with the other adults in your life. You should review your plan with your lawyer every couple of years to make sure that all your children’s needs are covered. Update your plan whenever you add another child to your family in Hudsonville, whether by birth or adoption. You should revise your plan if the guardian or trustee that you selected becomes unable or unwilling to serve in those positions. When you review your plan regularly, you and your attorney can update your trust to provide funds for unforeseen events or activities that become important to your children as they age.
If you don’t create a plan for what happens to your children when you die, the court can make that determination for you. You would have no say in who raises your children. For example, the court is not required to take your faith into account when appointing a guardian. Additionally, if you and your spouse have divorced, and your spouse has custody of your children, your children’s share of your assets will likely be controlled by your ex on their behalf, since minor children can’t own property.
Don’t leave the care of those most precious to you to the Michigan court system. At Parakletos Law PLC, we are focused on providing support and compassion as we help you achieve your goals. We will champion your life’s objectives and provide counsel to help you get there. Our firm name means “the one who walks beside another.” We are determined to live up to that credo. We’ll walk beside you throughout your legal journey.
Contact a seasoned estate planning lawyer from Parakletos Law PLC for help today. We are proud to serve Kent, Muskegon, and Ottawa counties, including towns like Holland, Wyoming, Allendale, Byron Center, Grandville, Jenison, and Zeeland. Contact our Hudsonville law firm today for a consultation.
Embrace the strength of Parakletos Law PLC, where advocacy meets action. Ready to shape your legacy or tackle family law with a compassionate guide? Call the office in Hudsonville or reach out via the website contact form to start your journey. Your future is waiting – let’s protect it together.
