Back to the Basics—Providing for Minor Children in your Will
This edition of the Koldin Law Center E-Newsletter continues a series going “Back to the Basics” to meet your estate planning objectives.
As Elderlaw attorneys, we use our initial consultation to learn what objectives our clients desire to accomplish. In this newsletter we discuss: Providing for minor children in your Will.
All prior newsletters are saved on our website. You can read them by clicking here.
Your Will, also referred to as a Last Will and Testament, is a legal document that expresses your wishes about how you would like your life savings distributed after you die.
In addition, your Will can express your wishes regarding caring for and providing for your minor children.
Guardianship
In your Will, you can designate a Guardian(s) to raise and have legal custody of your children. If you have minor children, it is important for you to make your wishes known to your family and to include this in your Will.
Uniform Transfers to Minors Account (UTMA)
If you leave financial institution accounts to your minor child or grandchild and do not make your wishes known for who should manage the accounts, the Probate Court could designate a custodian to hold the funds pursuant to the Uniform Transfers to Minors Act (UTMA) until the child reaches age 18 or possibly age 21.
In your Will, you could make your wishes known for who you would like designated to be the UTMA custodian of financial institution accounts.
You could also make clear in your Will whether you want the designated Guardian of your children to manage financial accounts or a different person to be appointed as the UTMA custodian for financial management.
Trust for Children or Grandchildren
Unlike a UTMA Account which must be turned over to the child at age 18 or 21, with a Trust, you can set any age you wish for when the funds must be turned over to your child or grandchild.
Also, with a UTMA account, you can only appoint one custodian to manage the funds. With a Trust, you can appoint multiple Trustees and Successor Trustees.
This Trust for minors can be used to pay for the support and education of your child (or grandchild) until he/she reaches a designated age (for example, to age 25). Once he/she reaches the designated age, he/she would then receive the balance outright.
Beneficiary Trusts
There are many other types of trusts that you can set up in your Will. Some examples are: supplemental needs trust, income for life trusts, support trusts, and pet trusts. To learn more about these types of trusts, please visit our website by clicking here.
The next newsletter in this series will discuss providing for a child with disabilities.
At the Koldin Law Center, P.C., located in East Syracuse, New York, we have over 50 years of experience helping individuals plan for immediate crisis and long term care.
The Koldin Law Center, P.C. limits its practice to the specific field of Elder Law which includes estate planning and Medicaid law.
Our attorneys are available to discuss your estate planning options, including the advantages and disadvantages of Revocable Trusts and Irrevocable Trusts, along with other estate planning considerations including a Will, Power of Attorney, and Health Care Proxy.
When the Koldin Law Center, P.C. handles a Medicaid case, we not only handle the entire application process, but we also review asset protection options with our clients. We review with our clients who are already in a Nursing Home options to protect some or all of their assets beyond merely establishing Medicaid eligibility.
We do not charge a fee for the initial consultation. We welcome your children, family attorney, accountant, and/or financial planner to be present at the initial consultation.
There is something you can do.
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Our Attorneys speak to groups throughout New York State as a public service. If you would like to arrange for one of our Attorneys to speak to your group, please contact our office.
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We appreciate your referrals
We have been told by many clients who are in a crisis that they wish they had known about our firm much sooner. We are proud of the many families we have helped in times of crisis.
We are also proud of the many families we helped avoid financial crisis by doing estate planning in advance.
We all share the responsibility for making our family and friends aware of the planning options available to them.
Your referral to the Koldin Law Center could make a major difference in the lives of your family and friends if they are someday faced with a long term illness.
Remember that the Koldin Law Center offers many services for clients of all ages. Our services range from basic estate planning such as a simple will to complex estate planning including asset preservation planning.
THERE IS NO FEE FOR THE INITIAL CONSULTATION
OUR OFFICE:
Koldin Law Center, P.C.
6661 Kirkville Road
P.O. Box 279
East Syracuse, N.Y. 13057
VISIT US AT:
http://www.koldin.com
We will periodically e-mail you updates in Estate Planning, Elder Law and Medicaid topics that we believe to be of interest to our subscribers.
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This Newsletter is not intended to give or be relied upon as legal advice, but only to provide general information. Attorney Advertising.
