Planning for Children
Even as an adult, I can still hear my mother saying not to go outside with my hair wet because I will get sick. Or, take your shoes off before you come inside. As parents, we are the voice for our children. We do whatever we need to do to protect them and keep them safe. That need to want them to be protected and safe does not end when we die, regardless of how old they are.
You have the power today to plan for your children’s tomorrow after you have passed away. Don’t let that opportunity pass you by to be a continued voice in your child’s life.
Naming a Guardian
I am a mom myself, I know it is painful to think of anyone else raising my daughter. But,without planning now as a parent we lose that ability to dictate who should raise them and pass along the values and beliefs you would have instilled in them if you were still alive.
There are several factors to consider when choosing a guardian. I am certain that you can
think of ones not suggested below.
- Is the prospective guardian old enough?
- Is the prospective guardian physically able to handle the job
- Does he or she have the time?
- Does he or she have kids close in age to your children?
- Can you provide enough assets so that they can be properly taken care of. If not, what
measures can you put in place today so correct that?
- Would your child have to move to another state?
Don’t let the Courts answer these questions for you… answer them today!
Have you thought about what would happen with the $1,000,000 life insurance policy that named your children as the beneficiaries? Have any idea how fast an 18 year old will spend that much money? I am betting it is quicker than you may think.
You can determine planning how your inheritance will be passed on to your children so your assets are used as you wish. A Trust written within your Last Will and Testament or your Revocable Living Trust can be used to ensure your estate is used for your children’s education and support until they are able to properly manage money… a time determined by you.
Provisions can be written into the trust that requires mandatory periodic distributions or that give the trustee discretion over distributions. The trust could continue until the child finishes college, gets married, produces grandchildren or attains a certain age.These are all opportunities to protect your children that should be taken advantage of today. There is such a time as too late… don’t let that time get here before taking your
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