LexION Blog

Estate Planning To Protect Your Children

Execute a Will that Names a Guardian and Creates a Trust for Minor Beneficiaries of a Trust

  • You will want to name a primary guardian and at least one contingent guardian. If the primary guardian is deceased or for some other reason unable to serve as guardian, the contingent guardian will serve.
  • Carefully consider whether you want to name one or both members of a couple to be the guardian(s). You may feel like your sister and brother-in-law would make a good home for your child, but consider how you would feel if your sister predeceased you and your brother-in-law would be the sole guardian.
  • You may choose one person as your child’s guardian and a different person to handle money that is left for your child in trust. You may feel that the person who is best to raise your child is not the best choice to handle money. The guardian and trustee will work together to make sure that all of your child’s needs are met.

Update your Beneficiaries on your Retirement Accounts

Put in Place a Durable General Power of Attorney

Execute a Living Will and/or Health Care Power of Attorney

Purchase Life Insurance

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