Special Importance of Wills for Those with Minor Children in Need to Guardians Upon Death of Parents
A major purpose of a will is to establish guardianship for children and their inheritance until the age you determine appropriate for them to manage their own affairs. If a parent doesn’t establish trust for their younger children, whatever properties they inherit will be given over to them when they reach the age of 18. If a will hasn’t been set up to designate a guardian, one administered by the court must be opened, leaving the court to decide who handles these responsibilities. This can prove devastating and costly, and can be averted by getting help from an estate planning attorney Seattle.
The drawbacks of a court-ordered guardianship when there is no will
Without preparing a will with the help of a Seattle estate planning attorney such as Frey Buck P.S., you’ll have no say in your children’s guardianship and estate. The court will choose from a list of qualified candidates. Families might become embroiled in nasty guardianship battles that pit them against one another and devastate the family for good.
A court-appointed guardianship is needed for minor children’s inheritance when there is no established trust under a will. An annual account of the ins and outs of the estate and the child’s wellbeing is also required.
Before purchasing or selling assets, you must obtain court clearance. The legal fees associated with completing all of these prerequisites might be substantial. Most of this trouble and money can be avoided by attorneys in Seattle Washington, with a well-drafted will that includes trusts for a young inheritor until they reach an age considered responsible.
A court-appointed guardianship of the estate lasts only until the kid reaches the age of eighteen. You can set the age at which your child receives outright distribution through a testamentary trust between ages 21and 50. You can also stipulate that educational distributions are contingent on specified grades, attendance, and drug-free behavior, among other things.
Managing guardianship for children can range between $10,000 and $25,000 based on the age the guardianship starts. The funds will come from the guardianship estate, reducing how much the child will subsequently receive. It is an expense that can be avoided by proper planning.
The benefits of creating a will to provide for minor children
If the worst-case situation occurs and both parents die you can indicate in your will who your main and backup guardians will be. With an estate planning attorney Seattle you can elect a trustee for properties to be set up for your small children. You can set particular guidelines for the kind of spending you would authorize for your child, like private education, camps, financial disbursements, etc.
A Seattle estate planning attorney will inform you that unless the trustee’s activities are called into question, whatever you establish for your small children will be allocated without the involvement of the courts. Unless you indicate otherwise in your will, annual reports are not necessary. You can specify the trust period that can last into your child’s adult years, until you believe they will be able to manage their own affairs.
The cost of preparing a will, including custody and trust conditions for small children, is typically insignificant when compared to the exorbitant costs of a court-appointed guardianship. This should be enough to persuade parents with small children to write a will. Most parents will undoubtedly be able to afford this modest cost. It will be a wise investment.
Finally, attorneys in Seattle Washington, like Frey Buck P.S., know the intricacies of wills and will help you prevent headaches for your children later by getting it done correctly and keeping it updated.