Minor Children in your Will
Will - Updating Will - Invalid or No Will - Power of Attorney - Personal Directive
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When creating a will, parents with minor children have unique and critical considerations to address. A well-drafted will ensures that in the event of their death, their children will be cared for and their assets will be managed according to their wishes. Important considerations pertaining to minor children in one's will:
A. Appointing a Guardian for the Children
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Who will care for them? This is often the most important decision. You need to name a person or persons who you would trust to raise your children if both parents pass away. The guardian will be responsible for the children's daily care, education, and overall well-being.
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Discuss with the potential guardian: It is essential to have an open and honest conversation with the person you wish to name as a guardian. Ensure they are willing and able to take on this significant responsibility.
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Consider their values: Think about their attitude toward things that are important to you, such as education, religious beliefs, and discipline.
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Name at least one alternate guardian: It's a good idea to name at least one alternate guardian in case your first choice is unable or unwilling to serve.
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Legal standing: While your wishes are an important factor, a court will ultimately confirm the guardianship appointment, with the child's best interests as the primary concern.
B. Managing the Children's Inheritance
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Minors cannot inherit directly: By law, minors cannot own property or assets outright. If you die without a will or a trust, a court may appoint a guardian to manage the children's inheritance, or the funds may be turned over to a public trustee until the child reaches the age of majority.
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Establishing a trust: To avoid this, you can create a pour-over trust within your will [more on pour-over trusts]). This allows you to name a trusted person, known as a trustee, to manage the children's inheritance on their behalf.
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Specifying distribution: The trust allows you to control how and when the children receive their inheritance. You can specify a single age (e.g., 25) or a series of ages (e.g., a portion at 20, another at 25, and the remainder at 30). This can prevent a young person from receiving a large sum of money before they are mature enough to handle it responsibly [more on structuring distribution].
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Trustee's discretion: You can give the trustee the authority to use the children's share of the estate for their maintenance, education, and other needs before they reach the specified age for receiving the full inheritance.
C. Financial Planning
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Providing for their needs: A will is a key part of a broader financial plan to ensure your children are financially secure. This includes considering things like life insurance to provide funds for their upbringing and education.
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Designating beneficiaries: Ensure that any accounts with designated beneficiaries, such as life insurance policies and retirement accounts, are up-to-date and reflect your wishes. These assets pass outside of your will, so it's important to keep them aligned with your overall estate plan.
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Special needs children: If you have a child with special needs, you may need to consider a special needs trust (a Henson Trust). This can provide for their financial needs without jeopardizing their eligibility for government benefits (Alberta's Assured Income for the Severely Handicapped (AISH)) [more on special needs children].
D. Additional Considerations
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Blended families: If you have children from a previous relationship, a will is crucial to ensure all of your children are provided for according to your wishes.
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Communicating your wishes: It's a good idea to discuss your will and your decisions with your chosen guardian and executor. This helps them understand your intentions and be prepared to act if needed.
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Regular reviews: Life changes, so your will should too. Review and update your will after significant life events, such as the birth of a new child, a divorce, or a change in your financial situation.
Our law firm can help you plan for the future, including the preparation of a well-drafted will and other estate planning documents, as well as dealing with the legal demands associated with the passing of a loved one. We welcome you to contact our law firm today at 403-400-4092 or via email at Chris@NeufeldLegal.com to schedule a confidential initial consultation.
IMPORTANT NOTE: This website is designed for general informational purposes. The site is not designed to answer specific questions about your individual situation or entitlement. Do not rely upon the information provided on this website as legal advice in respect of your individual situation nor use it as substitute for individual legal advice. If you want specific legal advice, you need to engage a lawyer under established legal engagement procedures that have been specifically agreed to by that lawyer.
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