For parents of young children, estate planning is about much more than money.
One of the hardest questions to consider is also one of the most important: If something happens to me, who will care for my children?
Parents often assume that family members will simply work it out. But when children are involved, relying on an informal understanding can create uncertainty at exactly the time your family needs clarity most.
Estate planning gives you an opportunity to make your wishes known ahead of time.
Can I Choose Who Will Be My Child’s Guardian?
Minnesota law allows a parent to appoint a guardian for a minor child through a will or certain other properly executed writings.
That means you can identify the person you want to care for your child if you are no longer able to do so.
There are still legal procedures involved, and a parent’s appointment does not override the parental rights of the child’s other parent. Minnesota law also provides mechanisms for objections and court involvement in appropriate circumstances.
But putting your choice in a properly prepared estate plan gives your family and the court clear evidence of whom you trusted to care for your children.
What Happens If I Do Not Name Anyone?
If a guardian is needed and you have not made an effective appointment, the decision may ultimately have to be made through the court process.
The court’s focus is the child’s best interests. But a judge cannot ask you whom you would have chosen after you are gone.
Naming a guardian ahead of time allows you to make your preference clear and can reduce uncertainty or disagreement among family members.
Who Manages the Money You Leave to Your Children?
Choosing who raises your children and deciding who manages their inheritance are related—but separate—questions.
A minor child generally should not simply be handed a substantial inheritance. An estate plan can include arrangements for another person, such as a trustee, to manage property for the child’s benefit.
That person does not necessarily have to be the same person who serves as guardian.
For some families, having one person raise the children while another manages the money creates helpful checks and balances. For others, naming the same trusted person for both roles makes more sense.
Give Your Children a Plan
No estate-planning document can make the thought of leaving young children behind easy. But having a plan can eliminate some of the uncertainty that would otherwise fall on them and the people who love them.
Choosing a guardian, deciding who will manage your children’s inheritance, and documenting those choices are some of the most meaningful decisions parents can make in an estate plan.
At Hill Crabb, LLC, we help Minnesota parents create thoughtful estate plans designed to protect their children and provide clear direction for the future. Contact us today to schedule a consultation and put a plan in place for the people who matter most.