New York Will: Protecting Your Minor Children
New York Will: Protecting Your Minor Children
Making a Will becomes more involved if you have minor children. Until they reach the age of 18, your children are not legally capable of managing their own affairs. Whether you're married, single or divorced, this article outlines factors you need to consider in your New York Will when minor children are involved.
1. Appointing a guardian for minor children
If you have children under the age of 18 years, you should appoint a guardian for them in your Will. Your Last Will and Testament is the only document where you can stipulate this wish. Generally, if something happens to you, your children go to the care of their other parent. If that parent is unfit to act or predeceases you and no appointment was made in either of your Wills, then minor children become part of the foster family process. This is why it's extremely important to legally name a guardian in your Will.
If you intend for a couple to look after your children (for example, your friend and her husband) it's best to appoint just one of them (your friend). If you appoint both and something happens to your friend, you need to consider whether you want her husband looking after your children. If not, then the best approach is to appoint your friend and a successor guardian.
2. Married persons
Generally, spouses make mutual wills gifting their whole estate to one another. The intention is that once you die, your spouse will use the inheritance to support themselves and your minor children. The children usually only directly inherit under a New York Will if your spouse ends up dying before you.
Problems can arise where stepchildren are involved. If you have a child who does not belong to your spouse, you may consider leaving an amount of money or property for your child on trust. This may be especially warranted where your spouse has children of his/her own. Alternatively, you may consider making a mutual wills agreement with your spouse (to ensure that your spouse does not change his/her Will after your death to exclude your child from any inheritance).
3. Creating a trust for minor children
Whether you're married or single, any gift to a minor child in your New York Will should be in the form of a trust. This is because children aren't legally entitled to receive your estate until they reach 18 years. When creating the trust, you can stipulate the terms and conditions of how the trust funds are to be used for the benefit of your child until they reach the required age.
You will need to designate a trustee (someone to manage the funds on behalf of your children) up until they reach majority. Some people extend the trust period, requiring the children to reach the age of 25 (or even 35 in some cases), depending on their maturity level and trustworthiness.
The trustee needs to be a person you can rely on. It does not need to be the guardian (and sometimes it's even better if the guardian and the trustee are two separate persons). The trustee is required to manage the trust funds for the benefit of your child. They must not embezzle or use any trust property for their own personal use.
If you're making your own Will, companies that sell Will forms generally also provide forms which include a trust for minor children. Alternatively, an attorney can create the trust for you in your New York Will.
Minor children are vulnerable persons and need to be taken care of, especially in the absence of their parent. It's very important that you take the time to plan how their lives will pan out your Will can certainly make that difference. The "Popularity Contest" Parenting Strategy - Children Can See Right Through It Be Careful about the Spinal Abnormality of Kids Are Childcare Concerns The Same No Matter Where You Live? Osteoporosis, or Bone Thinning, is now an Increasing Risk to Men and Children How To Apply for Discounted and Reduced Rates on Philippine Travel Tax for Children What Is Aspergers Syndrome? How To Facilitate Your Aspergers Child Cope At College Fun for the Kids Worried about Cheating or Child Safety? Look to Mobile Phone Tracking UK Investigation Services Anxiety Treatments for children Frugal Parenting Advice: Unspoiling Your Child A Child'S Closet Is Never Complete Without A Remote Toy Is a Fifteen Year Mortgage a Good Bet? Tips for Childproofing Your Apartment