Estate Planning When You Have Minor Children
Overview
Michigan parents with minor children have specific estate-planning needs. Your plan must address guardianship, financial management, and inheritance timing—while complying with EPIC requirements.
Choosing a Guardian
Selecting a Guardian is the most important decision in your estate plan. This person will raise and care for your children if the unthinkable occurs. Without a written designation, Michigan courts decide who serves, potentially leading to disputes or an outcome you would not have chosen.
Managing Your Assets Through a Trust
A Revocable Living Trust is the most effective tool for transferring assets to minor children. It allows you to:
- Control how funds are managed
- Specify ages for distribution
- Provide for education, healthcare, and support
- Avoid court intervention for routine expenses
If the Trust lacks proper instructions, a court petition may become necessary for even basic needs.
When Should Children Receive Their Inheritance?
Without a Trust, Michigan law releases assets to a child at age 18. Most parents prefer to delay distributions until children are more mature. When selecting ages, consider education, life skills, maturity, and future family circumstances.
Prime Trust & Wills Platform, LLC
Prime Trust & Wills Platform allows you to easily create your Will, Trust, Power of Attorney, and Healthcare Directive to ensure you get peace of mind, your assets pass to your loved ones, and taxes are minimized or eliminated.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified Michigan estate planning attorney before making decisions based on this content.
