There are around four million births every year in the US. That’s a lot of babies to clothe, feed and diaper change. Becoming a parent is one of the greatest joys in life but it also brings with it a lot of responsibilities.When your child is born you might not think immediately about estate planning, but if you’re smart, you will know that you need to consider this question now! Getting this planning done right away is some of the best advice for new parents that we can give.
Every parent wants to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles and other relatives often want to leave some of their assets to young children, too. But good intentions and poor planning often have unintended results. The following points will help guide you through some important steps to ensure careful planning for your estate and children.
After an individual’s death, his or her assets will be gathered, business affairs settled, debts paid, necessary tax returns filed, and assets distributed as the deceased individual directed in their will. This distribution of assets will be conducted on behalf of the decedent by a person acting in a fiduciary capacity, either as the executor (in some states called a personal representative) or as a trustee, depending upon how the decedent held his or her property.
The executor plays a very important role after the testator (the deceased will maker) dies as they have a number of duties including the task of tracking down assets, paying creditors, and making sure beneficiaries named in the will receive property to which they are entitled. Being an executor is not a simple role and should not be taken on without serious consideration. To help you gain an informed perspective on the duties of an executor, we have outlined some general information and frequently asked questions that all executors should consider.
When we decide to sit down and write a Will we obviously think about our valuable possessions, property and savings, but more importantly than all of that, you might need to consider a legal guardian for your children.
Two-thirds of American parents haven’t chosen a legal guardian, but whether your children are infants or teenagers, they are the ones that will benefit from careful parental attention to guardianship. The nomination of a legal guardian is a straightforward aspect of any family’s estate plan but you will want to give a full consideration of all potential guardians before jumping into a decision.