Many people believe wills are documents adopted later in life when you have amassed enough assets to make it worthwhile. After all, you probably have decades to address the issue. However, that is a common misconception. The future is never guaranteed. If you have children or are thinking about having them, creating a will now is a crucial step in protecting their future.
There are several ways to pass on your assets to minor children. Family trusts allow a trustee to manage property to benefit your children, you can set up a testamentary trust that triggers when you pass away if your children are still minors, and you can name guardians for children if the unforeseen happens and your children are left orphans. Wills for parents of minors in San Antonio are important estate planning tools, and the wills attorneys at Begum Peláez-Prada PLLC could ensure yours fulfills your family’s needs.
A guardian may be chosen by a person to care for a minor—known as a ward—but the court must grant legal authority for the guardian to meet the child’s needs, whether they are personal or financial—or both. Usually, the guardian is a family member or close friend. They must be 18 years of age or older and be able to prove they are responsible. The court can also appoint a professional guardian. The court considers some parameters when vetting guardians, including:
Note that parents can plan for a guardian to care for minor children if they have become incapacitated but have not passed away. The alternative to a provision in your will is a testamentary trust.
When you create a testamentary trust, you are authorizing an action that does not arise unless the conditions you define come to pass. For instance, a testamentary trust that benefits minor children will only be created if you pass away when your children are still minors. The provisions are moot and extinguished if the grantor is alive when the children become adults.
Let the bi-lingual attorneys at Begum Peláez-Prada PLLC help you determine the best way to safeguard care for your young children in the unlikely event you pass away or become incapacitated.
Guardians can be appointed stewards for assets children inherit from parents. Although you can leave money and other assets to minor children in your will, they are not legally capable of managing those assets until they reach the age of 18. A guardian is generally appointed to do this for them with court oversight. This is another good reason to name a trusted person as a child’s guardian, given that they will manage what your beneficiaries receive.
We understand how difficult it is to think about estate planning if you are raising a young family in the prime of your life. Thankfully, you will most likely be at your children’s side when they become adults, but in some cases, tragedy strikes, making preparation important.
Our award-winning attorney, Sasha Begum, and her knowledgeable team could talk with you to learn about your family and your life’s goals. Communication helps us ascertain the types of estate planning tools that will best benefit you and realize your vision for your family’s future. If you are raising a family, come talk with us about wills for parents of minors in San Antonio.
