Anyone who has just had a child can be feeling many emotions. New parents can feel joy, apprehension, worry, excitement and numerous other feelings, and it can sometimes seem overwhelming. Because they want the best for their children, new Arkansas parents may want to look into estate planning and how it can benefit their kids.
One of the most important aspects of estate planning is using a will to name a guardian for the children. If both parents become incapacitated, die or otherwise cannot care for the children, a guardian is needed. By naming a guardian in an estate plan, parents can better ensure that their children will be cared for by a loving and trusted individual rather than being put into the care of someone chosen by the court.
Parents may also want to consider setting up a trust to protect assets for their kids. Children who are not yet legal adults cannot inherit their parents’ property in the event of their passing, which could mean that the court could appoint someone to manage the assets for the children until they come of age. However, a trust could allow parents to name a trustee to manage the assets for the children and allow parents to leave instructions about how and when the assets can be accessed.
Estate planning can require new considerations after a child is born, so even is Arkansas residents have already created plans, they may want to take the time to review and update them as needed. If updates are not made, a new child could end up left out. Individuals interested in starting the planning process or updating documents may want to consult with experienced attorneys.