Minor children and young adult planning is important, especially if you are a parent in the Greenville area or surrounding communities. If something happens to you, your children should have some protection in place for their future. We cannot plan on the inevitable, but we can make sure those we love have proper planning in place.
If you should become unable to care for yourself or your children, or worse, die, having a plan makes your wishes known. In these unexpected events, an estate plan is important because it answers some hard questions, such as:
- Who will care for your children?
- Where will they live?
- Where would they go to school?
- How can you ensure your children are taken care of?
Planning for minor children and young adults Greenville is part of the unthinkable, because you never want to think that your child is alone without you. You can ensure their lives are planned out after you pass away, but having these conversations are not easy. We will take the time to get to know your situation so we can help you plan and answer all of your questions.
Protecting your children – no matter their age – will give you peace of mind in knowing that their future is secure. It’s hard to think of not being part of their future, but having a plan will help ease your mind. Our compassionate and experienced team at ChaceLaw Limited Company will be able to answer your questions and guide you through the process of estate planning for your children.
What Should be Included When Planning for a Minor Child?
When you are putting together a plan for your minor child, the following should be included:
- Temporary guardianship: someone who can immediately take care of your children in an emergency so they do not wind up in the hands of an agency
- Permanent guardianship: someone who will become the child’s legal guardian should you die before they turn 18
- Instructions for the guardians: written instructions should be provided to temporary and permanent guardians so they know exactly how you want your children raised
- Powers of attorney: powers of attorney for care of a minor, which permits you to name an attorney-in-fact to make decisions regarding the care of your children when you are unable to do so
- Designation of health care surrogate: this provides the medical care your children need when they travel without you or you without them should the need arise
How to Choose a Guardian?
Choosing a guardian is not as easy as it seems. You need to take quite a bit into consideration when reviewing your options, including the following:
- The age of your children and the age of the potential guardian
- The potential guardian’s religious beliefs, values, and own parenting styles
- The stage of life your potential guardians are in (married, divorced, widowed, retired, working, young children of their own)
- Where the potential guardian lives
- The relationship the potential guardian has with your children (they don’t need to be a blood relative but there should be some sort of relationship)
- Willingness of the potential guardian (speak with them before making it legal)
- The potential guardian’s financial situation and personal responsibility
What Should be Included When Planning for a Young Adult?
As your children grow, you teach them new things related to their age. When they are 16, 17, or 18, you teach them how to drive. You teach them how to answer questions in an interview for a first job. When they reach 20 or older it’s time to discuss how they can protect themselves and their finances. This includes encouraging them to create a will and other legal documents, especially if they are moving closer to marriage. When you are creating a plan for your young adult, the following should be included:
- A durable power of attorney: names an attorney-in-fact who will care for your financial and personal matters when you cannot do so
- Last will and testament: your young adult child can create a last will and testament that is simple. Many young people enjoy engaging in risky activities, including skydiving, mountain climbing, and traveling the world. A simple will outlines what’s to happen to your finances should you die in an accident.
- Designate a health care surrogate: this person will be responsible for making healthcare decisions for you when you become incapacitated
- Living will: this document outlines the use of life-sustaining equipment and measures in the event you become terminally ill. This document, along with the health care surrogate, will provide detailed instructions to the doctor as to how to proceed with care.
- Digital asset spreadsheet: create a digital spreadsheet that contains the website addresses, usernames, and passwords of all your financial accounts and other accounts your parents will need if you become incapacitated or die
Contact Our Office Today to Schedule a Consultation
Planning for the unthinkable is never easy, but it is vital to protecting your minor children and young adult children. The compassionate team at ChaceLaw Limited Company can guide you through the process from Point A to Point B, answering your questions along the way, and ensuring that you do what is best for your children. Contact our office today to schedule a consultation with a member of our team to talk about minor children and young adult planning in Greenville and the surrounding areas. We are available by phone at (864) 268-8244 so we can help you and your family take the next steps.
