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Checklist: Estate and Inheritance Planning for Minors

Planning for a minor’s inheritance is critical to ensuring their future financial stability and security. This checklist helps you establish a well-structured plan that safeguards their assets and aligns with their best interests.

  • Have you named your minor children as contingent beneficiaries on life insurance policies and retirement accounts?
  • Are all beneficiary designations up-to-date and aligned with your overall estate plan?
  • Have you reviewed accounts to ensure minors won’t inherit assets directly without a guardian or trust?

  • Have you established a Trust for Minors to manage and protect their inheritance?
  • Have you specified terms for how and when funds will be distributed (e.g., staggered distributions at certain ages)?
  • Is there a designated trustee who understands their responsibilities and your wishes?
  • Have you provided clear instructions for the use of funds, such as education, health, or living expenses?

  • Have you designated a legal guardian for your minor children in your will?
  • Is there an alternate guardian named in case the primary guardian cannot serve?
  • Have you discussed your wishes with the chosen guardians to ensure they are willing and able to take on the role?
  • Do the guardians and trustee have complementary roles and align with your values and goals?

  • Have you considered opening a custodial account (e.g., UTMA/UGMA) for smaller gifts or financial assets?
  • Do you understand how custodial accounts differ from trusts and when they may be appropriate?
  • Have you reviewed state laws regarding the age of majority for custodial accounts?

  • Have you set up a 529 College Savings Plan or similar account for educational expenses?
  • Are there clear instructions in your estate plan for allocating funds toward education?
  • Have you coordinated your education savings with other financial planning efforts for minors?

  • If your minor has special needs, have you established a Special Needs Trust to protect eligibility for government benefits like SSI or Medicaid?
  • Have you coordinated estate planning with any government or disability benefits your child may require?

  • Have you written a Letter of Intent to provide guidance on raising your children, their routines, and your hopes for their future?
  • Have you included key information about their upbringing, values, and traditions to help guardians or trustees make informed decisions?

  • Have you structured your estate plan to minimize assets going through probate (e.g., by using trusts or designated beneficiaries)?
  • Are there any jointly held accounts or transfer-on-death (TOD) designations that bypass probate?
  • Have you considered whether a living trust could help streamline the inheritance process?

  • Have you discussed your estate plan with key family members to avoid misunderstandings or disputes?
  • Have you explained the importance of contributing to a trust rather than directly to minors?
  • Have you informed guardians and trustees of their roles and responsibilities in your plan?

  • Are you revisiting your estate plan periodically to reflect changes in your children’s needs, finances, or family circumstances?
  • Have you updated your plan to account for new laws or regulations regarding inheritance and trusts?
  • Are you working with an estate planning attorney to ensure your plan remains valid and effective?

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