Protecting Your Children’s Future: Essential Estate Planning for Parents of Minor Children
When you're a parent, your primary concern is ensuring the safety and well-being of your children. For parents of minor children—those under 18 years old—this responsibility includes planning for unforeseen circumstances, such as the untimely death of both parents. At KEYTLaw, LLC, a Scottsdale-based estate planning and LLC formation law firm, we understand the complexities and emotional weight of these decisions. With over 50 years of combined experience, Richard Keyt (Rick) and his son, former CPA Richard C. Keyt (Ricky), are here to guide you through the estate planning process, helping you protect your most valuable assets: your loved ones.
The Importance of Naming Guardians and Conservators
What Happens If You Don't Have a Plan?
One of the most critical aspects of estate planning for parents of minor children is designating guardians and conservators. If you and your spouse pass away without a will or other legal documents in place, the state will decide who will care for your children and manage their assets. This can lead to unwanted outcomes and added stress for your family during an already difficult time. The court's choice may not align with your preferences, especially regarding who will raise your children and how their inheritance will be handled.
Guardianship: Choosing Who Raises Your Children
A guardian is a person you designate in your will to care for your children if you die. This individual will make day-to-day decisions for your children, including those related to education, health, and general welfare. It's essential to choose someone who shares your values and whom you trust to raise your children in your absence. You can also name alternate guardians in case your first choice is