Estate Planning with Minor Children

Estate planning with minor children can have challenges that many people do not realize. At least in Arizona, minors cannot collect inheritances or open bank accounts… they cannot even direct their parents to do so on their behalf. As a result, leaving an inheritance to minor children outright can be a very costly mistake. In addition, minors cannot serve as your agent in powers of attorney. This is why various mechanisms exist to provide for minor children after death. In this podcast we discuss some of these mechanisms so you can avoid the challenges of estate planning with minor children.