Planning for Minor Children
As a parent, one of the toughest situations to consider is what would happen to your children if you died unexpectedly. Even though thinking about this scenario is difficult, it’s imperative for you to plan for this possibility sooner rather than later if you want your children to be taken care of in accordance to your wishes. The alternative is that the state could interfere with the raising of your children.
Exactly How Do You Protect Your Children?
In Arkansas, the best way to ensure that your children are provided for in the event of your death or incapacity is to set up a revocable living trust for their financial needs and to name a guardian for them in a pour-over will. As the settlor of the trust, you will appoint a trustee to administer the funds on your behalf until your children reach a particular age of your choosing. In your trust you can decide how you want your children to receive your assets – you can leave them the assets outright at a specific point in time or you can do staggered distributions over a set period of time. Given the nature of your revocable living trust, you can amend your plans down the road as your children grow older and your needs develop.
How Does One's Unique Family Situation Factor In?
Your specific plan will vary depending on a variety of individuals facts, including your family type (traditional, blended, or single-parent), the age and personalities of your children (such as a newborn versus a high school student), and the availability of potential guardians, among other factors. At your initial consultation, we will explore your specific situations and assess these factors. Once we get a solid foundation for your children in place, you can rest easy knowing that if the worst were to happen, you’ve done everything within your power to make sure your kids are protected and in the best possible environment.
Pricing follows the same guidelines as Wills & Trusts model
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