Minor Children under Age 18

If you have young children it is important to take planning steps to protect them. While the most obvious step is to appoint a guardian in your will (you may need to do that in a will and not a revocable trust, so be careful to do it right). There are other very important steps to consider. For some families the most import ant step may be to buy insurance. If you die prematurely will there be sufficient assets to help take care of your child or children? If not life insurance, assuming you are healthy enough to obtain it, may be a vital step. Often a term life insurance policy will suffice, and that may be pretty inexpensive. A term policy is one that only lasts a specified number of years, in contrast to a permanent policy that can continue for your lifetime. If you are working disability insurance may also be important to protect your minor children. If you become ill or incapacitated and cannot work you will have to pay for your care and that of your children, so insurance for that may be important. For young children your health care proxy (which names an agent to help you with your medical matters if you cannot do so) will not help with your children. So, you might complete an emergency child medical document in which you authorize named people to act on behalf of the child if there is a medical emergency. For example if both parents are on vacation and a child has to be taken to the emergency room or doctor a document authorizing that person to act could be helpful. Also, you should have health insurance information, details of any medical or health issues the child may have, and so on, documented for that agent. When you appoint a guardian, be certain to write a letter of instruction as to how you want your children raised, what type of vacations, education, values, religious upbringing, etc. While the person you name as guardian may know most or all of this, it can still be very helpful to document it. Also, even if the guardian knows these points the trustee (see below) may not. When you name a guardian for your child, be certain to name a successor if the first named guardian can’t serve. Don’t appoint dual guardians. For example, don’t name your son and his wife. Just name your son. If you name both what happens if they divorce? Finally, for minor children you should create trusts for them under your will and other estate planning documents. Minor children legally cannot receive a bequest and likely are not mature enough to handle it prudently. If you don’t provide for a guardian and a trust a court may have to step in an appoint a person to serve as guardian and may designate a court designated fund to hold assets or appoint a trustee.