People typically think of a Last Will and Testament as a method by which they can determine who will receive their estate assets after death. Your Will, however, also serves one other vital function – allowing you to nominate a guardian for your minor children. If, following your death, your minor children are in need of a legal guardian to care for them a court will be charged with appointing one. Your Will is the only opportunity you have to tell that court who you would choose were the … [Read more...]
Estate Planning Tips for Parents of Minor Children
One of the most common reason people give for not having at least a basic estate plan in place is that they don’t have enough of an estate to warrant creating an estate plan. This belief that the size or net worth of your estate dictates whether or not an estate plan is necessary is the number one estate planning myth. In fact, if you are the parent of minor children your children are your reason for needing an estate plan without regard to the size or value of assets in your estate. Though an … [Read more...]
Have You Made Provisions for Your Minor Children?
People sometimes think of estate planning as a matter that only senior citizens should be concerned about. Does the likelihood of passing away become greater as you get older? The answer is yes, of course people who have reached an advanced age are more likely to die than those who are younger. But consider another question. Is it likely that your children will be fully capable of taking care of themselves if you pass away when you are 80 years of age? If you feel as though the answer to the … [Read more...]
What is Nomination of a Guardian in New York?
Most of us have a “plan B” of sorts when it comes to our little ones. We've likely discussed who we would want to raise our children should the untimely death of both parents occur. It's not the most pleasant of conversations, but one that's absolutely crucial. Once it's past the quiet talk between mom and dad, the legalities enter into the mix and while it seems as though it should be rather straightforward, there are those mandatory dynamics that play into any law. Because many of our clients … [Read more...]
Protect Your Children – Create An Estate Plan
Life is full of surprises. Unfortunately, not all of them are good. We never know when injury, illness or even death might occur and these unexpected events leave our loved ones to deal with the aftermath. This can be even more difficult when those loved ones are minor children, as they’ll need someone to care for them in your absence. Fortunately, there are things you can do now to ensure that your children are well cared for, even after you’re gone. An estate plan includes documents that can … [Read more...]
Estate Planning Challenges for Blended Families
Estate planning for a blended family can be more challenging than you might think. In addition to dividing up the marital estate, you also have to consider how to provide for children from a former marriage in the event that you pass away first. Why is this a separate concern? If you were to pass away, your share of the marital estate would likely be left to your new spouse. That means that when he or she dies, your estate plan will no longer govern the assets – instead, it will be your spouse’s … [Read more...]
What is a Custodial Account?
Custodial accounts are typically set up by a parent for their minor child, although it can also be opened by an Executor after you pass away. The custodian is the person that's put in charge of the account – you while you’re still alive and then someone of your choosing after you’re gone. It's fairly simple to set up through your Will. You simply state that any money the child inherits should be put into a custodial account, and then you name the custodian. If you have more than one child, each … [Read more...]
