As a parent, you want nothing more than to ensure your child is protected. This includes much more than just providing for their daily needs. It also means creating an estate plan that offers protection when you cannot. If something happens to you, whether permanently or temporarily, it is important to have a framework in place that will ensure your children are properly cared for. Our Nevada estate planning attorney can help you do it.
Estate planning is about much more than ensuring your property is distributed after you pass away. As a parent of minor children, it is critical that you ensure stability, continuity, and protection. It is a common misconception that estate plans are only for people with substantial wealth or aging individuals. Parents of minor children also require an estate plan.
A Will
Drafting a will is one of the most important things to do as a parent. Your will does not only outline how you want your assets distributed but even more importantly, it can also allow you to designate a guardian who will care for your children in the event that you and their other parent pass away.
If you do not have a legal will in place, the court will determine who will raise your child and that may not align with your family dynamics. A judge will make the decision based on what they believe is in the best interests of the child, but that may not coincide with your wishes. When you name a guardian for your minor children, you can make the decision yourself and ensure it is someone you trust to do what is best for your child.
A Trust
Establishing a trust can also ensure your children are cared for after you pass away. You can place funds or other property in a trust and name a trustee to manage the assets on your child’s behalf. You can include provisions that instruct the trustee to use the funds for your child’s benefit.
You can also structure the trust in a way that allows your child to access their inheritance when they turn 18 or 21, or you can structure it in a way that they receive distributions over a certain amount of time. A Nevada estate planning attorney can help you establish terms that reflect the specific needs of your family.
A Power of Attorney
Life is anything but predictable. An accident or medical emergency can make it impossible for you to care for your children. By drafting a power of attorney for your child, you can designate an adult you trust to fill the role and make decisions for them if you ever become incapacitated and cannot provide the care your child needs.
A power of attorney can give your agent authority over legal matters that impact your child and make decisions for them. These may include decisions about their education, health care, and their finances. Powers of attorney for minor children in Nevada typically have certain time limits. They may only be in place for six months or one year. Due to this, it is essential that you review these documents regularly and make any necessary adjustments.
If you do not bestow this authority on an agent, there may be delays in accessing medical care for your child, enrolling them in school, or making the important decisions on a day-to-day basis. When you work with a Nevada estate planning attorney, you can ensure the document is executed properly and provides the protection you need for any long-term or short-term solution.
A Guardian Nomination
While you can designate a guardian for your children in your will, drafting a guardian nomination that stands on its own adds another layer of protection. Establishing guardianship can be helpful if your will is not immediately accessible or if you need to update your guardian and you do not want to create another will entirely.
The court will consider a guardian nomination, but it must be properly executed in order for the guardian to have any authority. It is important to clearly state your intentions, which can guide the judge’s decision. Designating a guardianship can reduce the risk of family conflict, particularly during a time that is already difficult and emotionally-charged.
Our Estate Planning Attorney in Nevada Can Draft Your Documents
There are many estate planning tools that can ensure your children are taken care of after you pass away. At Boyer Law Group, our Nevada estate planning attorney can ensure your documents are drafted and executed properly so your wishes are respected. Call us today at (702) 255-2000 or contact us online to schedule a free consultation and to get the legal help you need.