If you have children, and are at the beginning of your life in the proverbial “adult world,” you may have begun to give thought to estate planning. In that regard, you may be considering having a last will and testament prepared. There are a number of points to bear in mind when you have children and are considering having a last will and testament made.

Financial Considerations of a Last Will and Testament

In any situation, including when a person has minor children, financial considerations represent the primary thrust of a last will and testament. The focus in your case would be on making sure that your children have the financial provisions necessary to live appropriately. As part of this endeavor, specific provisions need to be included within the will that address who will oversee and manage the financial arrangements made for the children in the last will and testament. This typically includes the appointment of what is known as a conservator.

Guardianship for Your Children

Another key element of a last will and testament when you have children is a provision for who will take care of them when you pass away. The last will and testament proposes a guardian or guardians for your children. Oftentimes, this is a close family member, or close family members.

The court needs to take additional action to formally designate who you select in your will as guardians for your children. However, by making the designation in your last will and testament, you better ensure that your wishes regarding your children are carried out when you are gone.

College and Your Children

Most parents desire for their children to obtain a higher education. You may be among them. If that is the case, you will want to include a provision in a last will and testament that addresses funding for college.

Legal Counsel

Because of the unique complications associate with a last will and testament when you have minor child, retaining a qualified estate attorney is highly recommended. An estate lawyer will be able to evaluate your unique circumstances, and those of your children. Armed with that information, an estate attorney is able to draft the ideal last will and testament to meet your needs, goals and objectives.