The short answer
Young families should have three things in place: a will that names a guardian for minor children, a way to manage money left to children (often a trust), and health care and financial powers of attorney for each parent.
Who raises your children if something happens to you?
If both parents die without naming a guardian, an Ohio probate court decides who raises the children. Naming a guardian and a backup in your will lets you make that choice, and a short letter explaining your reasons can help everyone involved.
"The best plan is one your family can actually follow on the worst day of their lives."Anna Brandt, Estate Counsel
How do you leave money to young children safely?
Money left directly to a minor usually ends up under court supervision until the child turns eighteen. A trust lets you choose who manages it and at what ages your children receive it, which many parents prefer to set later than eighteen.
| Document | What it does |
|---|---|
| Will | Names a guardian and directs property |
| Revocable trust | Manages money for children until set ages |
| Financial power of attorney | Lets a trusted person handle finances if you cannot |
| Health care power of attorney | Names who makes medical decisions for you |
What should you do this week?
- List people and propertyWho you want to protect and what you own.
- Choose decision makersGuardians, trustees and agents, with backups.
- Sign and storeExecute properly and tell key people where documents are.
What are the key takeaways?
- Name a guardian and a backup.
- Decide at what ages children receive money.
- Update beneficiary forms on accounts and insurance.
- Review the plan after every major life change.
What else do readers ask?
Life insurance can create a large sum quickly. A trust keeps it managed until children are older.
Yes. Many families separate caregiving from money management.
Review it after births, moves, marriages, divorces and large changes in what you own, and at least every few years.
What is the bottom line?
An afternoon of planning spares your family months of uncertainty. Start with a guardian choice and build from there.
By Anna Brandt, Estate Counsel. This article is general information about Ohio law, not legal advice for your situation, and reading it does not create an attorney-client relationship. Aldridge Penn Law is a fictional demonstration firm.
