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Does My Young Family Need an Estate Plan?
Yes, young families should absolutely have an estate plan to ensure their children will have financial and emotional stability if the worst should happen.
What Young Families Need to Know About Dying Without a Will or Other Estate Planning Documents
When a parent dies without estate planning documents, their assets are distributed according to New York state law. If a couple is unmarried, but has children and one of them passes away, only biological or adopted children are entitled to inherit from the deceased. If a couple is married and has children, the surviving spouse is entitled to $50,000 off the top and then 50% of the remainder of the estate, and the children are entitled to equal shares of the remaining 50%. If those children are minors, a guardian for that child’s property needs to be appointed by the Surrogate’s Court. Estate planning allows you to determine who the guardian of your child’s money would be should they inherit before they turn eighteen. If you don’t appoint a guardian, the Surrogate’s Court will appoint one for your child’s person and property.
Understanding a Guardian’s Responsibilities for Your Children
The guardian of your child’s person would be responsible for the child’s everyday care. The same person can manage the person and property, but you can also appoint different people for each job. You should consider who can appropriately meet your child’s mental, physical, and financial needs. If you have multiple children, you want to consider who would keep them under the same roof. When considering who to choose, you should consult with them and make sure they are willing. You should also make sure the nominated guardian knows where to find the Will because if the Will is not filed within three months after your death, the Court presumes they are choosing not to act.
Common Pot Trusts: A Potential Tool For Sharing Your Children’s Inheritance Fairly
Because minor children cannot directly inherit, many parents include Will provisions that create a common pot trust for their children’s benefit. Instead of splitting funds amongst your children equally, there is a “common pot” to draw from to account for unequal needs. One kid might have more medical needs, play more sports, or have more expensive hobbies. Once your children reach a certain age, they can then inherit outright or in further trust in equal shares from whatever remains.
Estate Planning Helps Young Families Prepare for the Unexpected
With the busy lives of a young family, planning for a scenario that might never happen may be at the bottom of the to-do list, but no one knows what odds they are up against. An experienced attorney can help protect your family based on the real-life scenarios they’ve witnessed.
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