When your first child was born, you could not imagine caring for anyone more. Your children are your world and you would do anything for them. This includes making sure they are always taken care of and protected. But how can you ensure your children will be provided for if something should happen to you in the future?
In fact, you can protect your children and help secure their future with an estate plan. Estate planning will help you make sure your children will be okay even after you can no longer help provide for them.
Here are a few aspects of your estate plan that can help your children:
Will or trust
Wills and trusts are a part of estate planning and are a way to ensure your children are provided for in the future. If something should happen to you, you will most likely want to give an inheritance to your children.
If you do not have a will in place, your property and assets will be distributed according to the court’s discretion and it may not be what you intend for your children. Having a will in place will make the process easier for your children to get what you think they deserve.
However, depending on how old they are, they may not be responsible enough to handle a large sum of money by themselves. You can set up a trust in this situation so they can access the finances at a given time. You can also have this money invested or designated for a specific purpose, such as college tuition. Assets in a trust are not subject to probate, so your children can access their inheritance without going through court. Trusts are also more difficult to contest, another reason they make accessing an inheritance easier.
You can also appoint a guardian for your children in an estate plan. If you do not have one designated, one will be appointed by a court. Having a designated guardian is a better way to make sure your children are well taken care of. This guardian can also control your children’s trust and other inheritances. A guardian can manage your children’s assets and property as well as medical, personal and educational needs.
Though you may not want to think about a time when you can no longer be there to care for your children, setting up an estate plan is the best way to protect their future. There are many benefits to estate planning and making a secure future for your children is one of them.