Naming minors as beneficiaries

When it comes to estate planning, many different types of considerations could arise. For example, if you have a children or grandchildren who are minors, you may want to ensure that they are taken care of after you pass away and there may be unique issues to go over when setting up your estate plan. At Joseph A. Ledwidge, we are of the importance of creating an estate plan that comprehensively covers all important matters, such as ensuring that minor children who are named beneficiaries have the resources they need.

Depending on the details of your circumstances, it could be wise to name a guardian who can help make sure that assets are distributed appropriately to minor children. For example, you may wish for some of the inheritance to become available once the child reaches a certain age, such as the age of 18 or 25. Moreover, you may want to factor in some of the child’s current and future needs, such as the cost of receiving a college education.

When setting up an estate plan, it is crucial to carefully go over any relevant details. It can be tricky deciding how your assets should be split up once you pass away, but this is an important part of the estate planning process that should be approached with care.

Feel free to visit the section of our site that concentrates on estate administration, where you can look over material that is related to naming beneficiaries  and other topics concerning this facet of law.