Estate Planning for Families with Children
During the estate planning process, we’ll review your goals and your personal situation to determine the legal instruments that will meet your specific needs. For many families with children, this process evaluates whether a will is sufficient or if a trust would provide more options and protections.
The cost to prepare a trust vs. a will is nominal, especially when compared to the benefits you may be able to provide your heirs. Families with children will begin by evaluating:
- Naming a guardian who will care for your children, day-in and day-out.
- Will the guardian have the financial means to care for your children without assistance?
- How can your assets be used to provide for your children’s daily needs?
- How can assets be preserved for big expenses such as: college, weddings, buying their first home, etc?
Other Considerations for Families
- Can your estate avoid the probate process and potentially provide the most tax benefit and pass on more financial benefit to your children?
- At what age can your children access assets or funds in a trust and for what purpose?
- Can you protect a your child’s inheritance from a future divorce?
- Can you ensure your child’s inheritance goes to your grandchildren and not a spouse or the spouse’s children from another marriage?