Planning for Minor Children


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As a parent, one of the most difficult situations to consider is what would happen to your children if you died unexpectedly. While this thought may be difficult, you need to plan for this possibility sooner rather than later. Doing so will ensure your kids are provided for if something happens to you and will prevent the state from interfering with how they are raised.

Generally, the best way to ensure your children are provided for in the event of your death or incapacity is to formally name a guardian for them and set up a revocable living trust to provide for their financial needs.

As the grantor of the trust, you will appoint a trustee to administer the funds on your behalf until your children reach a particular age (of your choosing), and you can decide how your children receive assets—either as an outright distribution at a specific time or as a staggered distribution over time. Also, given the nature of revocable living trusts, you can amend your plans as your children grow and your needs change.

Your specific plan for your children will depend on a variety of individual factors, including your family type (e.g., traditional, blended, single-parent family), the age and personalities of your children (e.g., a responsible older teen vs. a toddler), and the availability of potential guardians, among other factors. After reviewing these factors, we will establish a solid foundation for your children if anything ever happens to you, giving you one less thing to worry about as you watch your family grow.

Please contact us today to learn more about planning for your minor children.

 

Planning for Minor Children Blog

What is a Testamentary Trust?

A Testamentary Trust is a Trust that is included inside of a Last Will and Testament. This type of Trust allows you to prevent money from […]

What is a Revocable Living Trust?

A Revocable Living Trust is a legal document which allows you to plan for the management and transfer of your financial affairs upon your incapacity or […]

What does it mean to Fund a Trust?

The process of changing the legal owner of property from an individual’s name to a trust’s name is known as funding a Trust. This is done […]

 

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