Many of our estate planning clients have children and want to protect their children.
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While concerns vary, protecting children is a huge part of estate planning.
When parents have minor children, estate planning is essential. It allows parents to pick guardians for their children. This will ensure that they have peace of mind knowing who will care for their minor children.
This also will prevent court fights over guardianship.
Parents with minor children can also set aside money in trust to help care for their children.
Estate planning also prevents children from getting large sums of money at age 18.
We always say the quickest way to ruin a good kid is to leave them with a big sum of money when they are young.
Putting money in trust so that disbursements are made at various ages helps to offset this risk. It also allows your trustee to give money for certain purposes such as college or trade school.
Finally, we have clients with married children. Sometimes, they are concerned that their child will get divorced and their inheritance will go to the ex-spouse.
Estate planning can help.
We can put tools into place to schedule distributions and put protections in place.
No matter your concern for your child, estate planning is a great tool to protect them.
If you need help with your estate plan, contact us today.
Contact us today to help you get the right documents in place or to update your current estate plan.
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