Estate Planning For Children | Tips & Considerations

If you have children or have a child on the way, proactively putting together an estate plan is ideal. From savings accounts to naming potential guardians, use these tips below to create the best estate plan for your children.

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Estate Planning For People With Children

For a lot of parents, the main objective of estate planning is to guarantee that their children are cared for in case anything happens to them. Whereas we would all like to think that we are going to be able to leave our estate to our adult children following a long and worthwhile life, sometimes life can throw us a curveball in our plans.

It’s understandable that it’s never enjoyable to think about leaving your minor children behind because of an unanticipated passing but anticipating that the worst might happen is vital for devising an estate plan when you have minor children.

Each family situation and estate plans are unique, and when creating yours we request you to consider the aspects below to guarantee your minor children are looked after and cared for.

Estate Planning Considerations

Of course, each and every family is unique with their own specific considerations to make when creating an estate plan. Here is a quick overview of things parents should discuss when considering an estate plan for their children.

Designate Potential Guardians

Think about who would be able to take care of your children in the event of a tragedy. Oftentimes, a designated guardian will be a close family member or maybe even an older sibling.

In other cases, the guardian could be a trusted friend or a stepparent.

Power Of Attorney

One day, you may become ill or incapacitated without the ability to make your own medical and financial decisions. In this event, the person you give power of attorney can make the tough decisions for you.

A power of attorney may be something that’s needed temporarily. For instance, a person may be unconscious but later regain consciousness. A parent is able to give their child their power of attorney, but not while the child is a minor.

Name An Executor

An executor is a person who will make trusted decisions in regard to personal property, real property, and financial assets that make up your estate.

The executor may be the same person that you’ve designated as your children’s guardian. This person is responsible for managing an estate’s assets and distributing them to the appropriate beneficiaries.

Make Note Of Assets

Always be sure to make note of any and all assets you want left to your beneficiaries.

Determining exactly how you want things to be handled beforehand can prevent any disputes when it comes time to divide your assets.

Inheritance

When your minor children are the main beneficiaries of your estate, they will be unable to officially inherit until age 18.

If there is a large amount of money or other valuable property involved, the age of inheritance may be staggered. For example, children may inherit at ages 21, 25, and 30.

Always Account For Unique Family Factors

Your children’s ages, as well as potential guardians’ ages, could factor into your decision when creating an estate plan.

For instance, if your children are very young, will the age of a relative impact the care they require?

What Else Should Parents Set Up For Their Children?

There are two very important documents to set up when you have children. Let’s look at what goes into creating both a trust and a will.

Create A Trust

Assets can either go directly to beneficiaries, or they may be placed into a trust. There are a few different types of trusts designed to hold money and stocks, real estate, or other inheritance for your children.

Trusts like a Special Needs Trust or a Child’s Trust can be set up specifically for minor children.

Make A Will

Once all your information is ready, you’ll be able to create a will. A will enables you to name who will have your Power of Attorney, state your wishes for your assets in the future, as well as appoint a guardian and executor for your children.

Always keep in mind that there may be some state-specific tax and inheritance laws you’ll need to consider when creating a will.

Source:

1. 1. “Estate Planning For People With Minor Children” Retrieved on December 4, 2025 from https://trustandwill.com/learn/estate-planning-for-people-with-minor-children

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