Estate planning for families

Whether your children are young or grown, thoughtful decision making with regard to powers of attorney, beneficiary designations, and the proper timing and amounts of distribution to children is crucial. However, when planning for minor children, additional considerations should be addressed, such as the designation of guardians and temporary or permanent restrictions access to assets for the well-being of the beneficiaries.

Communicating your intentions to your loved ones as to legacy and final wishes can be very important depending on the family dynamic and complexity of the estate. Some people wish to write legacy letters to family members, providing a personal touch to their estate planning.

Estate Planning for couples without children is much like planning for families with children, except obviously no children are involved. Rather, the focus of property distribution will be centered on siblings, parents, friends, loved ones, charities, and other extended family.  Setting aside the size of the estate and quantity of assets, planning for couples without children is often simpler and requires less consideration. 

In any estate plan, a will is most often necessary, even if only as a "backup" to a trust. Deciding who will be the executor usually starts with picking the spouse and then moving to children as alternatives. However, without children, one may need to branch out a bit more to close relatives or friends. The same concept can applies to powers of attorney and trust planning.