Estate Planning
for Young Children
If something happens to you, what happens to them?
How to Protect Young Children With an Estate Plan
Estate planning for young children is simple and affordable.
These are some of the ways an estate plan can help your children.
Manage Assets
An estate plan for children should include a trust. A trust protects your children in several ways:
- A trust allows you to specify how your assets should be managed for your children.
- You may specify the age at which trust assets should be distributed to chldren.
- A trust reduces waste and loss of assets by your children during the term of the trust.
- A trust can be the beneficiary of financial accounts to bypass probate.
Appoint a Trustee
An estate plan allows you to direct your assets to your children under the control of a trustee that you select. The trustee should be someone who is capable of managing your assets in a financially responsible manner.
Without a trustee, your assets must be administered for minor children by a court-appointed "conservator" until they reach the age of 18. The conservator may be a family member, but if they cannot agree, the court may appoint a professional third party. This process can be costly and time-consuming.
Appoint a Guardian
An estate plan for children must include a document to designate a guardian. Without this important document, your family will not be certain who should be appointed to care for your children. If so, they may fight among themselves regarding the best course of action. Any such disputes must be resolved in court. Also, the court may appoint a different person as guardian than you would have selected.
Reduce Expenses
Without an estate plan, your assets may be subject to costly probate administration and conservatorship proceedings for your children. Probate may also delay the availability of money to care for your children. In most cases, setting up an estate plan will cost far less than the amount your family would otherwise pay for legal fees and probate costs.
Core Estate Plans
for Young Children
- We offer four types of Core Estate Plans for families with young children.
- Each Core Estate Plan includes all essential estate planning documents and services at an affordable flat fee.
- Core Estate Plans
are appropriate for
all
Michigan residents with young children.
Basic Estate Plan
for Children
$1,750 for 1 person
$1,950 for 2 persons
What Is It?
Includes all essential estate planning documents for parents plus a revocable trust to manage property for young children. This plan is comprehensive but it still requires probate to distribute some property upon death.
What's Included?
● Consultation to customize your plan
● Last will & testament
● Revocable trust for support of children
● Instructions and forms to guide the trustee to administer the trust
● Power of attorney
● Healthcare directive
● Appointment of guardian
● Appointment of funeral representative
● Estate planning roadmap
● Witness and notarize documents
● Heavy duty binder for original documents and flash drive for copies
Who's It Designed For?
Designed for anyone who:
● Does not desire to avoid probate
● Has 1 or more young children (or plans to)
● Has relatively simple estate planning needs
● Needs a complete estate plan for young children at a lower cost than our Living Trust Plan
Why You'll Love It
● Lowest cost complete estate plan to manage and protect assets for young children
● Completely customized documents to your specifications
● Designate a trustee to manage property for children until a specified age
● Designate a guardian to care for children until adulthood
● Feel confident that your assets will be handled for children as you direct
● Includes instructions and forms to guide trustees to handle trust property
Basic Estate Plan
for Blended Families
N/A for 1 person
$2,450 for 2 persons
What Is It?
Includes everything in the Basic Estate Plan for Children, plus an additional trust to manage property separately for the children of each parent in a blended family.
What's Included?
● Consultation to customize your plan
● Last will & testament
● A separate revocable trust for the children of each spouse
● All instructions and forms needed by the trustee to administer each trust
● Power of attorney
● Healthcare directive
● Appointment of guardian
● Appointment of funeral representative
● Estate planning roadmap
● Heavy duty binder for original documents and flash drive for copies
Who's It Designed For?
Parents of blended families who:
● Have children from previous relationships
● Do not desire to avoid probate
● Desire to set aside assets (e.g. life insurance or retirement accounts) solely for their children
● Need a complete estate plan for children at a lower cost than our Living Trust Plan for Blended Familes
Why You'll Love It
● Lowest cost complete estate plan to manage assets for young children of each parent in a blended family
● Ensures that children will be financially stable without meddling by a former spouse or partner
● Completely customized documents to your specifications
● Designate separate trustees to manage property for children of each parent until a specified age
● Designate separate guardians to care for children of each parent until adulthood
● Feel confident that your assets will be handled for children as you direct
● Includes instructions and forms to guide trustees to handle trust property
Living Trust Plan
$2,450 for 1 person
$2,750 for 2 persons
What Is It?
A Living Trust Plan uses a revocable "living" trust, along with several other documents, to manage and distribute your assets without probate court administration.
What's Included?
● Consultation to customize your plan
● Revocable ("living") trust
● Certificate of trust existence
● Authorization to disclose medical information
● Warranty deed to transfer real estate to trust
● Assignment of personal property to trust
● Agreement to transfer business assets to trust
● Trust funding instructions
● All documents needed by the trustee to administer the trust (trustee instructions, acceptance of trust, certificate of trust, notice to beneficiaries, and notice to creditors)
● Pour-over will
● Power of attorney
● Healthcare directive
● Appointment of guardian
● Appointment of funeral representative
● Estate planning roadmap
● Heavy duty binder for original documents and flash drive for copies
Who's It Designed For?
Designed for anyone who:
● Desires to avoid probate with maximum control over distribution of assets
● Wants to appoint a person to manage and distribute their estate
● Has minor children, or multiple adult beneficiaries, or relatively complex distribution plans for their property
Why You'll Love It
● Comprehensive estate plan to manage and distribute trust assets to any number of beneficiaries without probate
● Completely customized documents to your specifications
● Provides maximum control over distribution and administration of trust assets
● Designate a trustee to handle estate administration
● Designate a guardian to care for young children
● Feel confident that your assets will be distributed as you direct
● Includes instructions and forms to guide trustees to handle trust property without an attorney
Living Trust Plan
for Blended Families
N/A for 1 person
$3,750 for 2 persons
What Is It?
Includes everything in the Living Trust Plan, plus two (2) additional trusts to manage property separately for the children of each parent in a blended family.
What's Included?
● Consultation to customize your plan
● Joint revocable trust for both parents
● Separate revocable trusts for each parent's children
● Certificate of trust for each trust
● Authorization to disclose medical information
● Warranty deed to fund trust
● Assignment of personal property to trust
● Agreement to transfer business assets to trust
● Trust funding instructions
● All documents needed by the trustee to administer each trust (trustee instructions, acceptance of trust, certificate of trust, notice to beneficiaries, and notice to creditors)
● Pour-over will
● Power of attorney
● Healthcare directive
● Appointment of guardian
● Appointment of funeral representative
● Estate planning roadmap
● Heavy duty binder for original documents and flash drive for copies
Who's It Designed For?
Designed for parents of blended families who:
● Desire to avoid probate
● Have children from previous relationships
● Desire to set aside and manage assets solely for their own children
● Need a complete estate plan to manage property for children
Why You'll Love It
● Comprehensive estate plan to manage and distribute separate trust assets to any number of beneficiaries without probate
● Ensures that children will be financially stable without meddling by a former spouse or partner
● Completely customized documents to your specifications
● Provides maximum control over distribution and administration of trust assets for blended families
● Designate separate trustees to handle estate administration for children of each parent
● Designate separate guardians to care for children of each parent
● Feel confident that your assets will be distributed as you direct
● Includes instructions and forms to guide trustees to handle trust property without an attorney
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