An important goal of any estate plan is to provide for the future of one’s children. In most situations, this includes naming children as heirs in a will or placing assets into a trust for their benefit. You hope that this won’t be an issue until far in the future. However, the unfortunate truth is that a sudden accident or illness may leave a child without parents at any moment.
In these situations, it is critical to have a plan in place for your children’s future. Kids Protection Planning in Lansing can help ensure that your children are taken care of if you are no longer there. To prepare for any unforeseen events, a dedicated attorney at our firm can help you create a personalized estate plan that outlines the needs of your children and nominates guardians to take custody.
It is common to want to leave assets to your children. To accomplish this, many parents name a child as an heir under a will. However, if parents pass away before their children turn 18, this creates complex legal problems.
Minors cannot inherit property. A probate court would be required to appoint a guardian to watch over the property until the child reaches adulthood. Unfortunately, this process can often result in theft or other forms of financial abuse, causing the child to lose the full benefit of being an heir. In addition, the court process itself can invite conflict and divide families.
Our creative attorneys can walk parents through alternate forms of estate planning that may be more effective, such as the creation of a trust. These options can allow a child to inherit property without court proceedings or conflict. An attorney in Lansing can draft a Kids Protection Plan that helps parents achieve their goal of leaving assets for their children.
Another part of effective planning when minor children are involved is to ensure that a child will have a stable home life. As unpleasant as it can be to think about, parents need to consider who will raise their children should they die or become incapacitated.
It is critical to name a proposed guardian to raise children should a parent be unable to. This can be broken down even further to those that the parent trusts most to step in and take custody in an emergency situation, and an individual or couple that would be a long-term guardian for the child. A lawyer with experience in kids protection planning can draft a clause in a will or other form of testamentary document that makes a parent’s wishes clear.
It is best practice for parents to create a standalone document in addition to any provisions that they include in their will or trust documents. Without this document, a court may follow its own path under the guardianship appointment rules present in Michigan Estates and Protected Individuals Code § 700.5204. This appointment could put the children in the care of someone who does not have their best interests in mind, or the kids could end up as wards of the state. Writing a detailed Kids Protection Plan with the help of a Lansing attorney is crucial to prevent these outcomes and protect your children.
As a parent, you want to provide the brightest possible future for your children. This includes creating a plan if you should die unexpectedly. Kids protection planning can make your wishes known as to who you want to raise your child. Written documents also help to guide a court during the appointment of a new guardian to ensure that the right person is entrusted with caring for your children.
Effective estate planning ensures your kids receive the full benefit of what you’re leaving them, without meddlesome court intervention or familial disputes. Our legal team is here to discuss your specific goals for the future and protect your family’s best interests through a well-crafted plan. Reach out to an experienced attorney at our firm today to learn more about Kids Protection Planning in Lansing.
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