For young parents, the need to have a will becomes vitally important in the blink of an eye. On the most basic level, having a will allows you to choose what happens to your money after you die. But for parents, it also allows them to best provide for their children in the event of a death.
Without a will, parents are leaving it up to the courts to make decisions on what is best for their children.
With a will, parents are able to make decisions like who should take care of their children if the unthinkable happens. This decision is undoubtedly a hard one to make, and a tough topic to think about, but something that deserves your thought.
In addition to a will, a testamentary trust can provide for children financially. Testamentary trusts are created in a will, and allow parents to name a trustee, and choose how their money is used for their children.
When I was 16, my Mom died. She had planned ahead, and her assets went to a trust to be used for me and my brother. The trust named my uncle Brad the trustee, and outlined how to utilize that money for our education. That trust became instrumental in my ability to afford to go to college, and then eventually law school.
A will and testamentary trust are just a few of the tools that you can use in forming an estate plan. If you are a young parent and don’t currently have a will, or just want to learn more give me a call. Lets chat. I would love to help you make a plan that fits your unique situation.