It’s almost time for your kids to go back to school. For you, that might be a relief. For the kids, hopefully they’re excited (or at least willing to give the new school year a chance). With kids heading back to school, here are some things to keep in mind when it comes to protecting and providing for your children in your estate plan. 


Do you have a plan of guardianship set out in your estate plan, in the event that something happens to you? If you have minor children, this is a good idea. If something happens to you and your spouse, make sure you have a plan in place for their care. Pick a guardian who will take care of your kids’ day to day needs, as well as the big-picture stuff. Ask your proposed guardian first to make sure they are on board. It is a big responsibility that shouldn’t be taken lightly or decided in the spur of the moment.

College Savings 

College is expensive, pretty much anywhere you go. It’s never too early to start saving up for the expenses that college entails. The IRS is sympathetic to parents who are trying to save up for their kids’ college, and they allow you to use 529 plans, which are tax-advantaged savings plans, to save for college. When you put money in your 529, you get a tax break. The breaks vary depending on your state, but they’re preferable to setting aside a regular portion of your income in another savings account, which would just tax it as regular income. 

Things A Young Adult Should Do 

This post isn’t just for minors. Your kid might be preparing to enter college and take on the world as a young adult. At age eighteen, there are decisions your kid should make to ensure that he or she has at least some type of estate plan. It’s never too early to think about an estate plan, securing a power of attorney, or other, similar ventures. Though it might seem young, it will come in handy in the worst case scenario.


When you set up a trust, you (the settlor) gives legal title to property to a trustee, who keeps it for the benefit of the beneficiary, who has equitable title to the property. This trust is a good way to give an inter vivos (in-life) gift while avoiding probate court after you pass on. A trust is an option for anyone looking to do something different with a gift that isn’t in a will. 


If you’re using a will to create a trust or giving a gift in your estate plan, that is a good way to provide for your kids. Make sure to consult with an estate planning attorney to make sure that the transfer is done properly. It might be tempting to create a will using a “fill in the blank” service, but there is a lot of room for error on those. One misplaced signature, for example, and half your provisions might not come in. It’s best to consult with an estate planner.

New Babies 

This is not to say that your kids are going to be having kids! But, while on the topic of children, if there are new babies in your family you want to create a gift for or include in your will, you should do so sooner rather than later. 

With back to school season in mind, your student, whether they’re a young kindergartener or someone about to leave for college, deserves all the protection you can give them in your estate plan.