have a child oftentimes estate planning is a fundamental step in caring for your child and ensuring their bright future.
Who takes care of your child when you are in work? Who takes care of your child when you go on vacation? Who takes care of your child when you go out for the evening? You have most likely put a lot of thought and effort into choosing a person to look after your children on a daily basis when you have gone to work, gone out for the evening, or gone on vacation. You most likely implicitly trust the people with whom you entrust the care of your children.
Have you thought about whom you would trust to look after your children in the event of an untimely death of you and the other child’s parent? Have you thought about whom you would trust to look after the finances left to your child in the event of an untimely death. Perhaps you have put off thinking about the latter as it is a heartbreaking scenario to broach. Unfortunately sometimes the unexpected happens, resulting in the loss of both parents. For the parents who did not take the time to think about and document who would be the best person to look after their children’s needs in the event of an untimely death, those children are oftentimes subject to court battle between relatives whom they may not know, attempting to get custody of them. Worse again, if there are no relatives in the picture and no instruction to the court, the child may end up in the foster system. Considering the time and effort most parents put into identifying a trusted person to care for their children for a few hours a day, the latter is every parent’s nightmare.
A comprehensive estate plan, incorporating a designation of guardianship for your child along with a revocable living trust, enables you to spell out who will look after your children in the unfortunate event that something happens to you and the other parent of your child. The estate plan incorporating a revocable living trust ensures that none of your child’s inheritance is wasted on the unnecessary,
expensive, public procedure that it Probate. The revocable living trust also allows you to spell out how, when and in what method your child will receive the inheritance. If you do not have in place an estate plan, upon your child reaching 18, your child will have access to his full inheritance. The revocable living trust along with nomination of guardianship for minors enables you to plan now for your children’s care in the heartbreaking situation where you are unable or not around to care for you child.
Provide yourself, as a parent, with peace of mind and get your estate plan in order.