Estate Planning for Children

If your children are young, it is important that your estate plan address issues regarding the upbringing of your children. Foremost is the issue of who would raise your children if you are unable to. Agreeing on a guardian to raise your your minor children is usually the most difficult decision that young couples face in their estate planning.

When your children are college age, new considerations enter the picture. The first concern is ensuring that you still have access to your children’s medical information in case an accident occurs. By law, when a child turns 18, parents no longer have access to their medical information, even if the child is in the hospital following an accident. To get around this privacy issue, parents need a Health Insurance Portability and Accountability Act (HIPAA) Release whereby the child authorizes their parents to receive their medical information.

Finally, you need to decide how and when your children will receive their inheritance. Hopefully this will be much later in their lives, but your contingency planning should include whether they receive the inheritance outright or in trust. By planning ahead you can add in certain asset protection measures that cost very little and may make a huge impact later on your childrens lives. There are pros and cons to the various approaches, which ought to be discussed with an experienced estate planning attorney.

Call 802-985-8811
for a complimentary initial consultation
and review of your existing estate plan.

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| Phone: 802-985-8811

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