Any estate plan should take into consideration the care of minor children in the event of the death of both parents. Generally, a will provides for designation of guardians for children under age 18 and contains a testamentary trust provision which states that the net estate after the payment of debts and funeral expenses shall be placed in a trust subject to the control of a trustee to be used for the health, care, education, maintenance and support of the minor children until the youngest child living at the death of both parents reaches a certain age, usually at least 18 but generally 22 or 23 or even older.
There are additional special considerations in any estate plan which should be dealt with in discussions with your estate planning professional. A working knowledge of social security, Medicare and Medicaid benefits, for example, is essential in order to help plan for asset and income protection. Medigap and long-term insurance are also important tools, many people are interested in anatomical gift programs. These issues require special attention in order to complete a comprehensive estate plan.