Prince Law Firm
Call For A Consultation
Toll Free 866-383-1125
Local 248-419-1968

Key factors of proper estate plans for new parents

More people are becoming aware of the benefits of having a proper estate plan. Not only does it solidify the distribution of the estate, but it can also help to create a peace of mind for the estate holder.

For parents, an estate plan may be critical in securing the care and stability of their children. To ensure this, parents must consider a few key factors.

Choosing the proper executor

Parents need to select a proper estate executor. Not only must the party be able to uphold certain duties, but also the executor ultimately ensures the distribution of the estate. Therefore, estate holders should make sure that the executors they choose are trustworthy and respectful of their wishes. For parents, in particular, it may be a good idea to select an executor who will have the best interest of their children at heart as well.  

Determining guardianship

A guardian should be a person or couple who the parents trust to provide the guidance and care needed for their children's growth and success. Many times parents expect the other parent to take over when they are gone; however, it is a good idea to appoint another party in the case that both parents are unable to care for the children. If the permanent guardian lives far away, it may be helpful to choose a temporary guardian who may take care of the children until the permanent guardian arrives. In some instances, parents may decide to name the same person as both guardian and executor. 

Timing asset allocation

Depending upon the number and type of assets that estate holders have, they may choose to allocate them at different times. Particularly in the case of inheritance monies, parents may designate a certain age or milestone when the children may gain full control of them. They may also choose to have certain asset distributions to occur over time.

These are just a few of the details for parents to consider in their estate plans. By keeping these things in mind and tailoring their plans to their particular needs, they can create a plan that meets their families' needs.

 

No Comments

Leave a comment
Comment Information

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Our Office

Prince Law Firm
800 W. Long Lake Road, Suite 200
Bloomfield Hills, MI 48302

Fax: 248-865-0640
Bloomfield Hills Law Office Map

Connect with us

  • Facebook
  • Twitter
  • Linkedin
  • Google+
VISA | Master Card | American Express | Discover Network