All families with minor children should have an estate plan.The first issue is who will take care of your children if you die? Parents of minor children can direct who will care for their children in their absence.The second issue is financial. Families with kids under 18 need to create a minor’s trust. However, we advise parents with kids under age 25 (and sometimes much older depending on the child) to create a minor’s trust.Being proactive and creating the minor’s trust means you can include provisions dealing with most aspects of a child’s life. The minor’s Trust can direct funds for supplemental education needs, secondary education, investing in their young adult entrepreneurial endeavors, foreign exchange programs, and living expenses. The minor’s trust can even direct certain investments for down payments on first homes or wedding gifts from the estate to the young adult.Nothing can bring more peace of mind to parents of young children than knowing their children will be cared for by someone the parents choose, and in the manner the parents direct, even if the parents are not with them.
