Documenting your future wishes is especially important if you’re the single parent of an underage child.
No matter if they’re adults or minors, established or dependent, children play a central role in estate planning decisions. That’s why it’s crucial for your advisor to understand your perspective on those relationships.
This is especially true if you’re the single parent of an underage child. In that case, you must carefully consider what your child’s life will look like if something were to happen to you. Would they live with a relative or ex-spouse? Would they have to leave their school and community? What kind of limitations would they have when accessing their inheritance?
One key way to address your child in your estate plan is by including a trust and a trustee. Should you pass away, the trust can accept funds from your estate, retirement plan, IRA and insurance settlement, as well as from any claim, judgment or settlement that may result from the cause of your death. Furthermore, having a trust in place gives any court a legitimate basis to determine your wishes and expectations for your child, including who would carry out those wishes and who should remain an advocate and influence in your child’s life.
Although not all terms in a trust are enforceable, they can allow you to formalize your wishes and establish details about who you intend to care for your child and how the trust’s funds can be used. Together with your advisor and estate planning attorney, you can create a document that addresses a variety of these fundamental concerns.
To prepare yourself for these important planning conversations, be ready to discuss these and other topics with your team of professionals:
To begin addressing these questions and learn more about your trust options, contact your financial advisor.
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