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Checklist: Financial Planning for Minors

Financial planning for minors is a crucial step in ensuring their future is secure, regardless of what life may bring. From setting up trusts and custodial accounts to planning for education and managing inheritances responsibly, there are many decisions to make.

This checklist will help you cover all the essential aspects of financial planning for your children or dependents, giving you peace of mind and providing them with a strong foundation for the future.

  • Do you have a life insurance policy to provide for your child in case of unforeseen circumstances?
  • Have you set up a trust or custodial account to manage funds for your child’s future?

  • Have you designated a trustee to oversee and manage financial assets for your child?
  • Does the trustee understand your wishes for how funds should be used?

  • Have you set up a college savings account (e.g., 529 plan) for your child?
  • Are there other education funding options (e.g., scholarships, prepaid tuition) you can explore?

  • Have you ensured minors won’t inherit large sums directly until a specified age?
  • Is there a staggered inheritance plan for financial responsibility over time?

  • Have you written a letter of intent for your trustee, explaining how funds should be used?
  • Are there specific milestones (e.g., education, first home) you want funds to support?

  • Do you have a plan for supporting your child if your financial situation changes?
  • Have you reviewed your estate plan to ensure it aligns with your financial goals for your child?

  • Do you revisit your financial plan as your child grows and their needs evolve?
  • Are you regularly reviewing and updating beneficiary designations on accounts and policies?

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