Estate planning is a critical part of planning for the future. Wills, trusts and powers of attorney can help people obtain peace of mind for themselves as well as their beneficiaries. These estate planning tools can also have significant practical and financial benefits by lowering taxes, probate costs and associated delays. In particular, trusts can create structures that pass on significant sums of money while providing far greater control to the creator than simply relying on a will.
However, beyond the traditional estate planning tools, parents may be particularly interested in creating documents that make clear exactly what should happen to young children under certain circumstances. Specifically, in a case when the parents pass away suddenly or unexpectedly. Within the text of a will, parents can name the preferred guardian for their child, a process that can be verified in court.