As a parent, you work hard in hopes that when you go, your children will be prepared to live independently. But what happens if both you and your spouse get in an accident, or if you’re a single parent and suddenly get ill when your children are still young?
Oftentimes, your children would stay with a relative or a loved one. However, if you left any assets to a minor, then more will need to be done as minors cannot inherit property or money in Maryland outright.
The new care-takers will have to go through a lengthy and very costly court process called Guardianship to become official guardians and manage any finances until each child is of age.
If there are no legal documents set in place beforehand, then the children will automatically receive their inheritance outright at the age of 18.
Do you remember yourself at 18? Would you be able to handle even $50,000.00 at 18 without spending it all and later regretting your choices?
What you can do to avoid this: First have a discussion with your loved ones about who would take care of your children should something happen to you.
Once you have made your decision, consult an Estate Planning attorney to prepare documents, including a Last Will and Testament so you can legally designate the guardians.
If you want to avoid guardianship for money management and also avoid Probate, then a Revocable Living Trust is for you. This document will help to avoid probate that could prolong your guardians from accessing any funds needed to take care of your children during an already difficult time of grief.
Should you have a child with special needs, your Revocable Living Trust can also include provisions that ensure a Special Needs Trust is ready to set up at the time of your death so there is no broken chain of title that would affect their government benefits.
Over the past seven years, our team has helped over 700 families prepare their estate planning documents. Please contact us if you would like help protecting your assets and loved ones in the event of death or disability.
Please call us at 301-696-0567 or self-schedule at lenaclarklegal.com if you would like help protecting your assets and loved ones in the event of death or disability.
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