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Guardianship
 
A critically important item, regardless of estate size, is determining who should take care of minor children in the event the parent(s) should die prematurely.  There is no decision more important than deciding and designating whom to name as guardian of your children.

Provide for two contingencies:  First, the loss (death or incapacitation) of all parents and second, a sole surviving parent’s death or inabilities to make decisions before the children achieve full maturity.

Children’s Trust

The financial needs of minor children are addressed via the estate planning process.  All children can be protected through a children’s trust.  Incorporate language into the will or RLT stating that if the youngest child has not attained a certain age at the death of the parent(s), assets shall be held in trust for the protection of the children.  By collectively holding the funds in trust, you can ensure assets remain available to meet the needs of your children.

To fulfill its purpose, it is important to determine how to fund the children’s trust.  This is routinely achieved via a life insurance policy.

Health Care Power of Attorney

Consider granting durable power of attorney for health care decisions to a trusted individual.  Should you become incapable, this will provide a means by which that trusted individual may make such decision for you.

Advance Physician’s Directive

Consider establishing an advance directive that conveys the care you wish to receive should you become unable to communicate or make medical decisions for yourself.

Consider granting durable power of attorney for property to a trusted individual.  This provides a means for ongoing management of your estate in the event you become incapacitated before death.