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Coffee with Claire #33 – Commonly Asked Questions Blog Series

October 25, 2018

Why would a married couple with kids need an estate plan?

Writer’s note: This blog series is meant to act as responses to “quick” questions you may have for attorneys.  Think of these answers as a “quick” answer you might receive over coffee from your friendly neighborhood attorney.

 

A married couple with kids needs an estate plan for the same reasons a married couple without kids would need an estate plan, plus a few more reasons.

First, if you kids are under the age of 18, you’ll need to set up a few contingencies if something were to happen to you and your spouse.  You’ll need to set up who will take care of your kids – your Guardian or Guardians.  This person should be good with kids.  Maybe a relative, maybe a family friend, it all depends who you and your children know.

Next, you’ll also need to set up some vehicle – perhaps a Trust – to handle the money and property to kids.  We can’t give kids under 18 property, and usually we want to hold off on giving 19 year olds substantial funds too.  A Trust can give that type of direction and information in holding funds until the kids are older, perhaps into their 20s or 30s.  This is why even if you don’t need to set up a Guardian(s) for your kids, you still need an estate plan in place to help protect your kids’ needs even after they turn 18.

You’re parents for life – not just for 18 years - and your estate plan should reflect that.

If you have questions about estate planning, please contact Claire Tralle to set up a free initial telephone call.

 

The information in the Coffee with Claire series are intended to provide information only.  No legal advice is being provided or implied via this blog post.  No attorney-client relationship is formed by providing this information.  An attorney-client relationship with Tralle Law, LLC is formed only after a retainer contact is signed by all parties.