There’s an old saying in estate planning – “plan for the worst, hope for the best, everything else is wishful thinking”.
Parents of minor children under the age of 18 have to plan for the unthinkable – what if both parents are killed in a car wreck?
t’s important to understand a will has to be probated. Probate is a lawsuit requiring notice to be given to all interested parties. Since a child under the age of 18 is not considered to be able to understand legal or business matters a guardian ad litem will have to be appointed by the probate court to look after the child’s best interests. This can take precious time, reduce the amount of money available to take care of the child, and be emotionally devastating for the child who has lost both parents.
Loving parents want their children to be taken care of no matter what. So, parents of minor children should consider using a living trust in their estate planning. That way, if the unthinkable were to happen, the family plan can be implemented without having to go to court.