Planning For Your Children
If you are a parent of a young child or children, having an estate plan in place is more important than ever. No one knows your child better than you do, and a proper estate plan should provide for his or her care and maintenance, ensuring that he or she will be properly cared for in your absence.
First, your will or trust can allow you to nominate a guardian for your child in the event of your untimely passing during their minority. When a court is determining who can serve as guardian of your child, the court would first look for any nomination contained in a will or other estate planning document. If no nomination has previously been made, Oklahoma statutes provide a list of persons who have priority to serve as guardian. By making the nomination in your will or trust, you can ensure that a person you know and trust is appointed to care for your child.
Second, in your will or trust you may name a trustee for your child and specifically provide for his or her education, care, support, and maintenance, until he or she reaches a certain age that you decide. In the event of your death, the children’s trust is created according to the terms of your will or trust. The appointed trustee receives the property and cares for it until your child reaches the age stated by the trust. When that time comes, the trustee will transfer property to your child outright.
Contact the experienced attorneys at The Crosthwait Law Firm to discuss your individualized estate plan, which provides for the care of your child or children.