5 Simple Estate Planning Questions to Ask Yourself when Trying to Plan for Your Child’s Future


As every parent knows, we cannot avoid tough decisions just because they make us uncomfortable. At some point — hopefully many, many years from now — we will die. And when we do, there is a real possibility that our children will still be minors and need someone to care for them. No one can make decisions about your child better than you, which is why you must have a plan in place to protect them and their future.

In my book, Who Gets Your Stuff When You Die, I focus the entirety of Chapter 8 on stuff to protect your children. Granted, there is a lot to unpack, but if we are only focusing on the basics, start by asking yourself these five simple questions.

1. Who will raise your children and make decisions for them if you cannot?

2. Who will instill in them the values you want passed onto them?

3. Who will provide for them financially or manage a trust if one is set up for them?

4. In many families, spouses may have been married previously. This can affect decisions about guardianship, and extra care may be needed to maintain relationships between siblings and stepparents. Who will handle this? And how?

5. If you are a single parent, a surviving biological parent would likely be named guardian unless proven to be unfit. That person may also be given control over the minor child’s inheritance until the child reaches 18. You can change this if you do not want that parent to have control. But do you have the proper documents in place for such a scenario?


To learn more, read Leigh's full blog post.

What is a Heritage Trust, and Why Do I Need it?


Several clients have asked recently about Heritage Trusts and why they might need them. The short answer is that it is an extra layer of protection to ensure your “stuff” ends up with the intended beneficiaries. But I prefer to explain it this way:

Imagine for a moment that you have a son who is now grown and married with two beautiful children — your grandchildren. While crafting your estate planning strategy, you naturally decide to leave everything to your son. But if something were to ever happen to him, or he were to get divorced, how could you ensure everything would then be passed on to your grandchildren? Without a Heritage Trust, you cannot be so sure. Theoretically, your son could leave everything to his wife, and if she were ever to remarry, that could open the door to money possibly ending up with someone else entirely.

Do you see where we are going with this? Adding a Heritage Trust to your existing estate plan ensures:

  • Money you leave behind goes to the grandchildren rather than your child’s spouse
  • Trust assets are protected from your child’s spouse in case of a divorce
  • Trust assets will be protected from creditors and lawsuits

Learn more about Heritage Trusts on Leigh's full blog post.

 

Call Leigh Hilton PLLC today!!

Do you have questions about guardianship and whether or not it is right for you or a loved one? Having a competent estate planner in your corner will help you and your family navigate the often overwhelming waters that come with protecting everything you own and everyone you love. That is our job, and we would like to think we do it better than anyone else. Please call Leigh Hilton PLLC so that we can help ensure you and your family are taken care of in the best way possible.



Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you


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ATTORNEY LEIGH HILTON



Leigh Hilton has helped over 6,000 families protect the assets that they leave to loved ones from divorce, creditors, lawsuits and predators. She has over 26 years of legal experience in the practice areas of Estate Planning and Probate. Whether your estate is large or small, simple or complex, Leigh would welcome the opportunity to meet with you to discuss your estate planning needs. Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.


 
 
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