As new backpacks are purchased and packed, fall schedules fill up, and a new school year begins, most parents and grandparents are focused on setting their children up for success in the year ahead. But while you’re checking off school supply lists, verifying bus schedules, and updating emergency contacts, there’s another important item that often gets ignored or pushed aside: your estate plan.
Why Estate Planning for Parents Matters
Having an up-to-date estate plan is one of the most important ways to protect your family, especially when minor children are involved. A comprehensive estate plan allows you to name a guardian for your children should the unexpected happen, outline how your assets should be managed for their benefit, and ensure your wishes are clearly documented.
Without these legal protections in place, your loved ones could be left navigating unnecessary stress and uncertainty during an already difficult time, and the extent of your wishes and assets may not be known. For these reasons, estate planning for parents with minor children should address not only how assets are handled, but also who will care for their children if they are unable to do so.
Planning for the Guardianship of Minors
For parents of young children, guardianship of minors is an important consideration when developing an estate plan. Naming the person or people you would want to care for your children can help ensure your wishes are documented if you are no longer able to care for them.
Estate planning can also address how assets intended for minor children should be managed and distributed. Depending on your family's circumstances and goals, wills, trusts and other estate planning tools may be used to provide additional guidance and protection for your children.
When Should You Update Your Estate Plan?
Back-to-school season is a time of new beginnings, and a natural reminder of how quickly life can change. Major life events can also signal that it's time to create or revisit your estate plan.
Whether you’ve welcomed a new child, experienced a marriage or divorce, purchased a home, don’t yet have an estate plan in place, or simply haven’t reviewed your documents in several years, this season is an excellent time to make sure your documents reflect your family’s needs and your wishes for the future.
Creating an Estate Plan That Fits Your Family
At Plakas Mannos, our experienced Estate Planning team understands that every family has unique goals and concerns, and we work with you to achieve a custom estate plan that best fits your needs.
Estate plans can mean different things for different people, whether that be trusts, wills, transfer on death documents, or other estate planning tools. Attorneys Jim Mannos, Dave Dingwell, and Hunter Miller work closely with clients to create personalized estate plans that provide clarity, security, and peace of mind for the future. Whether you’re creating your first estate plan or updating existing documents, our team is committed to helping you protect what matters most.
This back-to-school season, give yourself one less thing to worry about. Contact Plakas Mannos’s Estate Planning team today to schedule a consultation with Jim Mannos, Dave Dingwell, or Hunter Miller and take the next step toward protecting your children, your family, and your legacy.
About the Authors
James Mannos focuses on real estate transactions, estate and probate matters, family law, and Claimant-side workers’ compensation matters. David Dingwell is a partner at Plakas Mannos, where he focuses on estate and trust litigation and planning, as well as probate and trust administration and legal / judicial ethics issues. Hunter Miller, an associate attorney, focuses on commercial litigation, mergers and acquisitions, intellectual property litigation, and other practice areas that support strategic estate and succession planning.
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