Estate Planning for Families With Minor Children in Oklahoma
A common myth is that estate planning is only necessary for older individuals or those with significant assets. This is absolutely not true, and estate planning becomes much more important once you become a parent. If you have minor children, estate planning is a way that you can protect your children and ensure they are properly cared for in the event the unthinkable happens. Every parent with minor children needs an estate plan regardless of your age or how much money you have, so keep reading below to learn more.
Why Do Parents of Minor Children Need an Estate Plan?
The biggest reason that parents need an estate plan is to protect their children. Imagine what would happen if both parents were involved in a car accident and were killed or incapacitated. A valid estate plan allows you to:
- Appoint guardians for your children
- Decide who will manage the money you leave behind for your children
- Determine who will make decisions for your children if you are temporarily unable to do so
Here is the truth. With a proper estate plan, you can make all these decisions and more in order to protect your children and do what you believe is best. Without an estate plan, these decisions will be left up to an Oklahoma judge. While a judge will do their best, you are in a much better position to decide what is best for your child.
Estate Planning Considerations for Parents
An estate plan for a parent with minor children might look vastly different from the plan of a parent with adult children. There are additional considerations and decisions that you must make. Here are some of the things you should ensure your estate plan addresses.
Name Guardians for Your Children
This single item is often reason enough for parents to create an estate plan. With a valid will, you can name guardians for your minor children and decide who would raise them if you were to pass away. It is also a good idea to name a backup guardian just in case your first choice dies before you or is unable to serve as guardian for some other reason.
Never Leave Money Directly to Your Minor Children
Oklahoma law does not allow minor children to directly inherit assets. This is an important point, as the court may need to appoint someone to manage the assets for your child until they reach the age of majority. The other consideration here is that the child would receive the entire inheritance when they turn 18. Most 18-year-olds are not mature enough to responsibly manage an entire inheritance, so exploring other options might be best.
Use a Trust
Revocable living trusts can be a great way to protect your children. A trust allows you to retain control over your assets during your lifetime, but those assets can pass to your children outside of probate after your death. Additionally, a trust allows you to protect your assets from poor financial decisions and slowly distribute assets to your child until they are more financially mature.
Get Estate Planning Help For Your Family Today
One of the most important ways you can protect your children is by putting a valid estate plan in place. An experienced attorney can help you understand all of your legal options and put a plan in place that best fits your family’s needs. Contact Helton Law Firm today to schedule a consultation and let us help you rest easy knowing that your children will be protected.
