Estate Planning for Couples with Minor Children: Why It’s Essential to Protect Your Family
As parents, your top priority is ensuring your children are loved, cared for, and protected. But have you considered what would happen if something unexpected occurred? Without a will in Kentucky, your family could face unnecessary legal challenges and stress during an already difficult time. Estate planning is the best way to avoid these issues and safeguard your family’s future.
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What Happens If You Die Without a Will in Kentucky?
Under Kentucky law, if a married person with children dies without a will:
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One-half of the estate goes to the surviving spouse
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The other half is divided equally among the children
For minor children, this creates legal and financial challenges because minors cannot directly inherit property. Instead, their inheritance is placed into a court-supervised guardianship.
Without a will in Kentucky, your family could face unnecessary legal challenges
The Hidden Burdens of Guardianship that a Radciff Estate Planner Can Help With
While guardianship ensures minors’ assets are protected, it also places unnecessary stress and expense on the surviving parent:
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Court Supervision
The surviving spouse must petition the court to open a guardianship for the children, even if they are the natural parent. This requires legal fees, court filings, and court hearings. -
Blocked Accounts
A minor’s inheritance is typically placed in a restricted account. The guardian must seek court approval for any withdrawals, even for routine expenses like medical care, extracurricular activities, or educational needs. This can be time-consuming and frustrating, with no guarantee the court will approve the request. -
Guardianship Ends at Age 18
When a child turns 18, the guardianship terminates, and they gain full access to their inheritance—whether or not they’re mature enough to manage it. Picture an 18-year-old suddenly gaining full control of a significant sum of money—without the financial experience or maturity to manage it wisely. The risks of poor decisions, squandered resources, or even exploitation become very real."
Why Couples with Minor Children Need an Estate Plan
Creating a proper estate plan allows you to avoid these complications and ensures your children are cared for according to your wishes. Here’s how:
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A Will with a Testamentary Trust
In a properly drafted will, you can establish a testamentary trust to manage and distribute your children’s inheritance. You decide how the funds are used—whether for education, healthcare, or other important needs—and at what age they gain full access to the money. -
Ensuring Everything Goes to the Surviving Spouse (If Desired)
With an estate plan, you can ensure that 100% of your estate goes to your spouse if that’s your preference. This eliminates the need for guardianship and keeps assets available to the surviving parent for the benefit of the family. -
Naming Guardians for Minor Children
An estate plan also allows you to name trusted individuals to serve as guardians for your children, ensuring their care is in the hands of someone you choose. -
Saving Time, Money, and Heartache
Proper estate planning avoids costly court proceedings, ensures a smooth transfer of assets, and prevents unnecessary stress on your family during an already difficult time.
Why Estate Planning Is the Ultimate Gift for Your Family
Estate planning isn’t just about dividing assets—it’s about protecting your loved ones. For couples with minor children, it’s a crucial step in securing their future and providing peace of mind.
At Skeeters, Bennett, Wilson & Humphrey, we have help thousands of Kentucky families create comprehensive estate plans tailored to their needs. We’ll guide you through every step, ensuring your children and spouse are cared for no matter what.