Estate Planning - Think About the Kids
What will happen to my young children, if something happens to me? It's a question every parent asks themselves at some point.
So estate planning attorney Ben Sowards has some advice. Create a plan *now* so you won't need to worry about the future.
You may not think you have enough assets to require an estate plan, but let's face it, your children are your most valuable asset, so an estate plan is essential
creating a last will and testament is your one chance to tell everyone, including the court, who you want as guardian for your minor children, if tragedy strikes and you are taken from them.
You may assume their surviving parent, your spouse or ex spouse will automatically become their guardian. But if they are unable or unwilling, it becomes the court's decision, so you want your desires on the record.
Your minor children can not inherit directly from your estate, but you can set up a trust and name your child as the beneficiary.
All assets, including the payout on a life insurance policy can be placed into that trust. That way, you can determine ahead of time how much the children get, and when.
Don't forget, you will need to name a trustee. And your choice for guardian may be the best option.
The sowards law firm reminds you, this is too important to put off so call them today or visit sowardslawfirm.com