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.
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.