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Oklahoma Estate Attorneys, PLLC.

What Every Parent Needs To Know About Estate Planning

A happy family representing successful estate planning - Oklahoma Estate Attorneys, PLLCIn this article, you can discover:

  • Why a last will and testament is crucial to ensure your children are cared for if something unexpected happens.
  • The importance of updating estate planning documents as children grow and circumstances change.
  • How to incorporate measures that can protect both the financial well-being of your estate and the long-term interests of your children.

What Estate Planning Documents Might Parents Need In Order To Protect And Provide For Their Minor Children?

All parents should have at least a last will and testament. This designates who will inherit their estate and at what age they will inherit it. Almost equally important is the nomination of a guardian to raise your child should you pass away unexpectedly.

There are other documents that could be useful to parents, as well. However, a last will and testament and a nomination of guardian are certainly the most important ones.

Should My Estate Planning Documents Be Amended As My Children Grow Up?

It is imperative to review and update your estate planning documents over time as your children grow. Why? Because, as you know, things change over time.

For example, when your child is very young, a grandparent might be the best guardian should something happen to you. 10 or 15 years later, however, when those grandparents have grown much older, they may not have the energy or capacity to raise your teenager. With considerations like this in mind, it’s important to review and update your estate plan every few years to ensure that it is current and effective.

What Protections Should I Consider To Ensure That My Children Are Taken Care Of If Something Happens To Me?

There are some very important things that you can include in your estate plan to give your child the opportunity to live the best life possible. First, you might consider putting age restrictions on your child’s inheritance.

At 18 it is unlikely your child will be mature enough to receive your entire estate with no restrictions. It would be much wiser to carefully parcel out your estate to them over several years. This will allow your money to encourage good behavior and support growth, maturity, and even education.

Next, you should also give your trustees some authority to withhold money from a child who is experiencing difficulties with addiction, spending issues, or gambling. I know it’s difficult to consider that your child might someday have these issues, but it’s possible, and you should plan accordingly.

One of the best ways to protect your money and your children is to create a revocable trust. This is a trust that you can amend as time goes by and as your child matures and grows.

If you know that your child has reached the age of 40 and is living a solid life that you can support, your plan will be very different from the planning you might make when your child is 18 and going through some of the recklessness that often accompanies the teenage years.

For more information on Estate Planning With Minor Children In Oklahoma, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 754-4166 today.

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