After having children, most people start thinking about the long-term as they try to secure their children’s future. Along with things such as planning for college and deciding where to raise the children, parents also consider more somber scenarios, such as wondering what might happen to their child in the event that neither parent can look after him/her.
At Egbert & Barnes, P. C., we believe that all parents should establish an estate plan that answers these and other important questions. For this blog post, we’re discussing several ways in which estate plans can be valuable for parents and children of all ages. Remember, if you want to learn more about any of these topics, our qualified legal professionals are just a phone call away.
Appointing a Guardian
If neither parent is able to care for the child, it is critical that parents establish a plan via the appointment of a guardian. In the event of a catastrophe, the appointed guardian will be responsible for every aspect of the child’s well-being, so it’s imperative that parents appoint someone who is fit for this obligation. Be aware that if a court takes issue with an appointment, they have the discretion to overrule the appointment.
Appointing a Trustee
On the financial side of things, it’s important for parents to appoint a trustee, someone who can handle all important financial affairs on behalf of the child. Trustees can retain control of these affairs well after a child has turned 18, making it ideal for situations where a child might not yet be fully financially responsible. Like with guardianship appointments, parents should take care to appoint only someone they fully trust, as abuse and deceitful behavior for personal gain can and has been known to happen.
Talk to an Estate Planning Attorney in Pennsylvania
We hope this blog post got you thinking about your estate plan as it relates to your children, and invite you to call us directly at 215-886-6600 for more information. We offer free initial consultations, so don’t hesitate to call us at your earliest convenience.