When you have young children and teens, it’s part of your responsibility as a parent to ensure they’re taken care of in the event of your passing. With estate planning, you can create trusts, define legal guardians, and leave your children funds in case the unexpected happens. Here are some ways this kind of will can give you peace of mind as a parent.

What a Will & Estate Planning Can Do

1. Choose a Caretaker for Your Kids

Writing your will allows you to name a guardian for your children instead of letting the state make the decision. To choose a family member to assume this responsibility, you may want to consider factors such as where they live, their lifestyles, and what kind of bond your children have with them. Estate planning attorneys often recommend including an alternate choice in case your first choice can’t serve when the time comes.

2. Set Aside Funds

Your guardian may need funds to care for your children, or you may want to leave assets to them. Estate planning allows you to set aside money for matters including daily activities, education, and personal care. Buying life insurance policies, creating annuities, and adding due-at-death clauses on your financial accounts can also leave your family funds if the time comes.

3. Manage Money and Assets Until Maturity

Trusts are estate planning tools used to protect and hold assets for children. Inter-Vivos trusts take effect while you’re living, while testamentary trusts only activate if you pass away. You name people in whom you have confidence as trustees and alternates, and they manage the trust funds until your children are mentally and emotionally mature enough to handle their property. Some parents leave trustees in place until children turn 25, and others give the children control gradually.

If you’re interested in estate planning to set funds aside for your children, rely on Alan A. Panek Law Office, S.C. in Wisconsin Rapids, WI. Serving residents of Central Wisconsin, this attorney offers legal and practical advice and effective representation, including drafting wills, land contracts, and creating trusts. Visit their website to learn how they can help you, or call (715) 421-4900 to book an appointment.