Law Office of Macklin K Everly

Estate planning for parents of minor children in Ohio requires careful consideration, especially when it comes to naming guardians and managing inheritance. Without clear instructions in place, decisions about your children’s future could be left in the hands of the court. By taking the time to include provisions in your estate plan, you can ensure that your children will be cared for by trusted individuals and that their inheritance is managed in a responsible manner.

Naming a Guardian for Minor Children

One of the most important steps parents can take is to name a guardian for their minor children in their will. A guardian is a person who will assume legal responsibility for the care of your children if both parents pass away before the children reach adulthood. Ohio law allows parents to name a guardian in their will, and it is important to select someone you trust to provide for your children’s well-being, education, and daily needs.

When choosing a guardian, consider factors such as the individual’s relationship with your children, their parenting style, and their ability to provide a stable home environment. It is also wise to name an alternate guardian in case your first choice is unable to serve. Keep in mind that the court must approve the guardian you select, and while your choice will be given significant weight, the court will act in the best interests of the child.

Managing Inheritance Through Trusts

In Ohio, minors cannot directly inherit property, which means you need to create a mechanism to manage your children’s inheritance until they reach a responsible age. One of the most effective tools for managing a child’s inheritance is a trust. A trust allows you to designate a trustee who will be responsible for managing and distributing the assets you leave to your children according to your wishes.

Parents often choose to establish a testamentary trust, which is created through their will and becomes effective upon their death. You can specify how the trust assets should be used—whether for education, healthcare, or other necessary expenses—and determine at what age your children will gain full access to the remaining assets.

Alternatively, you can establish a revocable living trust, which offers more flexibility and can help avoid probate. This type of trust allows you to retain control over the assets during your lifetime while ensuring that they are managed and distributed to your children in the way you see fit after your death.

Balancing the Roles of Guardian and Trustee

It is possible to appoint the same person to serve as both guardian and trustee, but many parents opt to separate these roles. This can provide a system of checks and balances, ensuring that your children’s daily needs and finances are managed by individuals with different areas of expertise. Regardless of whom you choose, it is important to communicate your wishes clearly and keep all documents up to date.

Take Action Now

Estate planning for minor children is essential for Ohio parents who want to ensure that their children are cared for and their assets are protected. By naming a guardian and establishing a trust, you can make certain that your children’s future is secure, even if you are no longer there to care for them.If you have questions or are ready to create an estate plan that includes provisions for your minor children, I encourage you to schedule a virtual consultation with me. Let’s work together to safeguard your children’s future.