Estate Planning for Children

Estate Planning for Young Children

If something happens to you, what will happen to them?

Why Do You Need An Estate Plan For Children?

Appoint a Guardian

Your estate plan for children must include a document to designate a guardian. Without this important document, your family will not be certain who should be appointed to care for your children. If so, they may fight among themselves regarding the best course of action. Any such disputes must be resolved in court. Also, the court may appoint a different person as guardian than you would have selected.

Appoint a Trustee

Your estate plan for children should include a trust. A trust allows you to appoint a trustee to manage assets for your children. Without a trust, your assets must be administered for minor children by a court-appointed "conservator" until they reach the age of 18. The conservator may be a family member, but if they cannot agree, the court may appoint a professional third party. This process can be costly and time-consuming.

Direct Your Assets

An effective estate plan allows you to direct your assets to your children under the control of a trustee that you select. Without an estate plan, the outcome for your children is far less certain. Michigan law will control who receives your assets, and in what amounts. As a result, your children may not receive all of your property.

Reduce Your Expenses

Without an estate plan, your assets may be subject to costly probate administration and conservatorship proceedings for your children. Probate may also delay the availability of money to care for your children. In most cases, setting up an estate plan will cost far less than the amount your children will pay for probate proceedings.

Core Estate Plans For Young Children

We offer four types of Core Estate Plans to protect young children. We will help you select the right one for your family.

  • Basic Estate Plan for Children


    • Designed for parents who want to appoint a trusted person to manage property for their children

    • Lowest-cost plan designed especially for children

    • Includes a will for general estate planning, and a separate living trust to manage property for children

     

    • Probate is required to distribute non-financial assets (real estate, vehicles, etc.)

          Learn More


  • Basic Estate Plan for Blended Families


    • Designed for couples with children from previous relationships who want to provide separate financial support for their own children

    • Lower cost than a "Living Trust Plan for Blended Families"

    • Includes a last will & testament for each parent, and two separate trusts for children (one for each parent's children)

    • Allows parents to allocate funds for themselves, and for their respective children

    • Probate is required to distribute non-financial assets (real estate, vehicles, etc.)

         Learn More


  • Living Trust Plan


    • Designed for parents who desire to appoint a trustee to manage property for their children without probate court proceedings

    • Includes a single trust to distribute and manage property for all beneficiaries

    • More private and convenient than a "Basic Estate Plan"

    • Probate is not required for post-death distribution of property

          Learn More


  • Living Trust Plan for Blended Families


    • Designed for couples with children from previous relationships who want to provide separate financial support for their own children

    • Includes three trusts:  a "family" trust for both parents, and two separate trusts for children (one for the children of each parent)  

    • Allows parents to allocate assets for themselves, and for their respective children

    • More private and convenient than a "Basic Estate Plan for Blended Families"

        

    • Probate is not required for post-death distribution of property

          Learn More


Take The Next Step...

Start Your Estate Plan
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