Whether individuals have a large number of assets or just a few valuable ones, it is important that they distinguish who should receive them after their passing. A proper estate plan can help with this, and allow testators to provide for their loved ones once they are gone.
Particularly, parents should truly consider how an estate plan could help make sure their children maintain stability even if they are not around. In creating or revising an estate plan as a new or seasoned parent, there are a few key things to consider.
Appointing a guardian
Parents may assume that the other parent will take care of the child should they pass. Though this does tend to occur, it is always a good idea to establish another guardian who will be able to raise the child should both parents pass. If the guardian does not live in the same state, parents may also consider designating a temporary guardian in the area who will be able to care for the child until the permanent guardian arrives.
In an effort to maintain stability for a child, parents can add certain stipulations and requirements in a will. For instance, along with establishing guardians, they may also denote visitation rights for certain individuals, such as the child’s grandparents. In regards to any inheritance, parents may establish a timetable for disbursement, or set its release to a specific time, such as the child’s 18th birthday or college graduation.
Though an executor will be held to Tennessee’s estate laws, they still have some control over the distribution of the estate. As such, testators should make sure to select executors they trust, who will respect their wishes, and operate with the best interest of the children in mind.
These are a few of the common considerations for any parent. Take some time to think about your own estate and the maturity of your child to help determine the best terms for your will and estate plan.