When creating wills and trusts involving children or grandchildren, parents are faced with tough decisions about how to leave their assets to their children. While each person needs to consider their own situation and unique children, there are a few general issues that everyone should consider. Choosing a guardian for your children. It’s hard to imagine someone else raising your precious baby, but if something were to happen to you and your partner, you’d want to be sure you
Choosing a Guardian For Your Children It’s hard to imagine someone else raising your precious baby, but if something were to happen to you and your partner, you’d want to be sure your little one was in the very best hands. That’s why parents should pick a legal guardian — the person who’d raise their child if both parents die before the child turns 18. Don’t feel you’re up to the task? Failing to pick a guardian means the courts will choose one for you — and it may not be the
Would a friend or relative take them? Are you sure? If your pets feel like family members, as they do for so many of us, it makes sense to include instructions for their care in your estate plan. The resources you have to make these plans may depend on how much time and money you’re willing to spend and the method through which you outline the care of your animal. When it comes to estate planning, you may include your pet in your will or be able to set up a legal pet trust.
Some Do’s and Don’ts For Beneficiary Forms It takes a good deal of time and effort to prepare thorough wills and trusts. At the same time, many of us approach beneficiary designations with barely a thought. Our choices are often made in a blur of other paperwork or all too quickly when filling out paperwork for a new job. And because what we put on the beneficiary
designations aren’t something that appears on monthly statements, we may not
revisit them for years. Meanwhile, a