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 also ensures that Probate will be avoided, ensuring that no portion of your child’s inheritance is wasted on the unnecessary, expensive, public procedure that is 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 minor child reaching the age of 18, pursuant to the laws of the state of California, your child will receive the full amount of inheritance. Oftentimes, when this occurs, the inheritance is squandered on frivolous pursuits and purchases attributed to immaturity. The revocable living trust enables you to plan now for how your children’s inheritance will be used in the future, at what time in your child’s life and for what purpose.
There are many benefits of putting in place an estate plan incorporating a revocable living trust and designation of guardian, for reasons including avoiding the public expensive Probate procedure, ensuring your wishes for your assets and loved ones are documented. However one of the greatest reasons for putting in place an estate plan that incorporates a revocable living trust, is ensuring that minor children will be protected both physically and financially for as long as long as you, the parent, can foresee.
If you are concerned for your children’s welfare in the event of your untimely death, a revocable living trust along with a designation of guardian is the best method to ensure that your child will not be the subject to an expensive court room battle or foster care, along with ensuring they inherit the way in which you feel appropriate.
If your financial situation cannot support a revocable living trust presently, ensure your peace of mind for the welfare of your child by filling out a statutory will. A statutory will can be downloaded for free from the State Bar of California’s website as follows: http://www.calbar.ca.gov/Portals/0/documents/publications/Will-Form.pdf.
The Statutory Will serves as a short-term solution to ensure your children will be protected pursuant to your wishes in the event of your untimely death. However the latter will not avoid Probate, nor will it enable you to decipher when, how and in what method your child will receive their inheritance. When your financial situation improves, a comprehensive estate plan serves as a more guaranteed, thorough method of providing for your children’s care in the event of your untimely death.