From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law practice group.
As we step into a new year, it is not just about setting personal goals but also ensuring the long-term security of our loved ones, particularly our minor children. Estate planning, often overlooked during annual resolutions, is a vital aspect of securing our children’s future. Raising and providing for our children is perhaps the most important thing that we do in our lives. Therefore, it is only sensible that we take great care in making provisions for our minor children in our estate documents.
1. The right guardian. In estate documents, it is essential that we identify a guardian to have authority over a minor child, should we not be there to provide such care ourselves. The guardian will have the authority to assume custody of your child, ensuring they are provided with a safe and nurturing home, while also making vital decisions regarding their education, upbringing, and overall well-being. Usually a trusted family, member, or friend, who shares your own values and viewpoints, is the best person to choose for this important position.
2. The right trustee. In addition to a guardian, it is essential that we choose a trustee to have custody and control over a minors assets, and property. The trustee plays a critical role in prudently managing and investing your child’s inheritance, carefully safeguarding financial resources to support both their immediate needs and long-term financial security. The trustee is often the same person as a guardian, or if not, should be someone who can work with the guardian to ensure that the minor child has funds to care for their needs.
3. The right trust. Unless otherwise designated, minor children will come into control of their inheritance when they turn 18. I think we can all agree that an 18-year-old likely does not have the experience or perspective to safely handle their own inheritance. To address this concern, it is crucial to establish a trust for minor children. This trust provides clear guidelines for safeguarding and managing their inheritance, typically under the stewardship of a mature and experienced trustee. A well-structured minor child trust not only designates an appropriate trustee but also empowers them to collaborate closely with the child’s guardian. This ensures that your children’s future is secured and nurtured in alignment with your wishes and values
At CGA, we always discuss with our estate planning clients the importance of including a minor child trust in their documents. Providing a trust can ensure that your trustee will hold and distribute funds to children at a more mature age, while also assuring that your children have the resources that they and their guardian need for a happy and productive childhood. There are a number of trust provisions that may be appropriate for such trusts; we will discuss them in more detail in a later article. Until then, please consider consulting with a CGA Law Firm estate attorney to put appropriate protections in place for your minor children.
Tim Bupp has practiced for twenty-five years with CGA Law Firm in estate planning, estate administration, and elder law. Tim is an Accredited Estate Planner (AEP) by the American Association of Estate Planning Councils and a Certified Elder Law Attorney (CELA) by the National Association of Elder Law Attorneys. He is certified in Estate Planning and Pension Law Planning by the Temple University Beasley School of Law, from which he also holds a Master of Laws degree in Tax Law. He also holds a JD from the Pennsylvania State University Dickinson School of Law, an MBA from York College of Pennsylvania, and a Bachelor of Science degree from Penn State. Tim has chaired the Estate Law Section of CGA Law Firm for ten years, where he is a shareholder. Reach Tim at tbupp@cgalaw.com or 717.848.4900.
Timothy Bupp
Estate Law Chair, Shareholder
Read Tim’s Bio Page in full HERE.
