If you don’t have an estate plan but do have minor children, it can become complicated.
Most parents would choose to have their estate pass to their children, if they do not have a formal estate plan. However, if those children are minor, some challenges can arise, according to My San Antonio in “Minor intestate heirs pose expensive problems.”
The problem is that it is not simple for minors to inherit anything. Courts are not going to direct that minors be given large sums of money and property to do with as they please. Someone needs to be appointed to manage the inheritance, for the benefit of the children. Every state has its own rules about how to appoint that person. However, those rules do not take into account what the parent might have wanted.
It is much better to create an estate plan that appoints someone to manage any inheritance your minor children might receive. This will allow the person appointed to be someone you choose and trust.
An estate planning attorney can advise you in creating an estate plan that fits your unique circumstances and may include minor children.
Reference: My San Antonio (May 11, 2018) “Minor intestate heirs pose expensive problems.”
