What Are The Ways That Someone Can Protect Their Children And Other Heirs?
One of the best ways to protect your child is to have a testamentary guardian for your minor children established. The estate plan is a perfect opportunity to designate a trustee to manage your child’s inheritance. A trustee can safeguard your assets for your child and make sure that person is securing your child’s inheritance for a longer term. A properly drafted will with a trust can control your assets for your child beyond the age of 18.
As the parent of three teen boys, I would not want my 18 years old to suddenly come into all of my life insurance or any inheritance that I’m able to leave behind. You want to protect your children from themselves.
Who you choose as a financial trustee for your children is important. Sometimes, the physical guardian of your child is not the best money manager for your child. The person whom you choose as a guardian for your child may be the person who will emotionally or educationally support your child, but not financially. Even if the guardian is able to handle your financial assets, you want to have the opportunity to draft an estate plan that will protect your child’s assets by detailing all of your wishes for how or when you want your children to be able to access that money. You can set up a plan that will protect your child’s inheritance well beyond childhood, so that they can use that money for as long as you want.
What Provisions Should Someone Include In A Will?
The most important reason for parents to prepare a will and have an estate plan in place is to protect their children. If you’re a parent with minor children, you want to make sure that you have a will in place, no matter what, even if you prepare it as quickly as you can. If parents of minor children both die without a will designating the guardian of the children, the guardianship process can become complicated. If you have not named a guardian for your minor children in your will or in a separate document, then a judge is going to decide who will care for them. The judge will, of course, consider the best interest of the child but will have no document guiding them in the choice you would make for your child.
Even if the judge chooses the guardian that you would have chosen for your child, your family has to face uncertainty, delays, and additional expenses, as they wait for the probate court to set a date to designate the long term guardian for your children. The best way to prevent that uncertainty is to name a testamentary guardian for your children in a will or in a separate document. If you don’t have minor children, a well drafted will still become important because the will directs your assets and properties to the person you want to give it to, and ensures that that the transfer is orderly. If you have tangible personal property that you want to give to a certain person, a will makes sure that the person gets those assets. It’s absolutely essential that you have a will, no matter who you are and no matter how little money you think you have.
For more information on Protecting Your Children And Other Heirs, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (844) 329-6469 today.
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