Estate planning with minors
By Beth Newcomb
If you’ve got minor children and have decided to get your estate plan in order, there are few things to consider should you pass before they reach the age of 18, says Jay Nabors, a Cleveland based attorney who focuses on estate planning.
“If you’ve got money or other assets to leave to your kids, you need to determine at what age they should receive their inheritance,” Jay explains.
“Some people decide 18 is a responsible age, but some people go with 25. Until your children reach this age, the money from your estate is held in trust, with a trustee who manages the account until the time of distribution.”
A second but perhaps more important estate planning matter to consider when you have minor children is who will take care of them should you and your spouse both pass while your kids are still minors. Both of you will name the same guardian(s), obviously, but if one spouse dies and the other is still living, that could make things trickier—especially if you’re divorced.
“If, for example, you get divorced then create a will naming someone besides the other parent, the court will still likely give custody of the children to the other parent regardless,” Jay notes. “The exception might be if the other parent isn’t fit or has substance abuse issues.”
A few years ago, Jay joined John Urban in practice in Strongsville, while John transitioned into retirement. As that transition has been completed, Jay has become a partner with Weston Hurd LLP. He now sees clients at the firm’s office in downtown Cleveland, in addition to continuing to meet with clients at his Strongsville office upon request.
Jay offers Mimi readers a free legal services consultation in person or on the phone. Mention this story when you schedule an appointment. House calls and select evening appointments available.
To reach Jay Nabors of Weston Hurd, LLP, call him directly at 216-687-3205. His office is located at 1301 E. 9th Street, Suite 1900 in downtown Cleveland. Jay can also meet clients at 11221 Pearl Road in Strongsville.