The Value of Setting up a Trust for Your Children
The thought of your minor children growing up without you is enough to bring a lump to any parent’s throat. You plan to be with your children to see them grow and enjoy life, but what if something happens to both you and your spouse? You have hopefully planned to leave money for your children through life insurance. What about who would become their legal guardian? If you have significant life insurance and/or assets, your minor children could become wealthy overnight. How would they handle that responsibly?
The answer is that they would need help.
You can take one critical step now to empower yourself to have a say in how your children are raised, no matter what. By creating a will with a trust component, you will be able to choose who acts as a caretaker for your children, who handles their finances and how the assets should be distributed to reflect your wishes.Read More