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3 tips to protect your children in your South Dakota estate plan

On Behalf of | Jun 20, 2022 | Estate Planning

Your children depend on you not just for guidance but also for protection. You provide physical protection from the elements by giving them shelter and practical protection by ensuring they have a healthy and safe environment.

If anything were to happen to you, that would mean that your children would be in a very vulnerable position. You can protect them against the small possibility of some misfortune befalling you by updating your estate plan or creating one when you add children to your household.

What are some of the ways your estate plan can protect your children?

You could name a guardian

Perhaps the most important step to take as a parent with children is the process of selecting a guardian capable of caring for them in your absence. You need to choose someone who has the ability to provide for your children’s needs and a willingness to step into what can be a very demanding role. Choosing the right guardian will ensure there is someone to help your children during what will be a very difficult time in their lives.

You can cover your debts and funeral costs

As morbid as it may be to consider, your children shouldn’t have to worry about paying for your burial or funeral after your death. You can help take the stress off of your children and those caring for them in the days right after your death by planning adequately to cover interment costs and any debts. Carrying adequate life insurance or setting aside resources in your estate plan to cover financial obligations will ensure that your passing doesn’t create financial hardship.

You can protect their inheritance

You need to think carefully about what property you hope to pass to your children and take the proper legal steps to ensure the smooth transfer of those assets. For many parents, the creation of an estate trust can be a smart move. Assets in a trust are subject to control by a trustee, who can be someone separate from the guardian caring for your children. A trust reduces the risk of financial abuse while your children are young or of them misusing and inheritance when they become adults.

Thinking about what your children may need in the future can help you properly protect them when creating an estate plan.