For many households, the birth of a kid is the very first life event that sets off the awareness that estate planning is necessary. What most families might not understand, nevertheless, is the breadth of protection that can be afforded to their children with fairly easy estate planning. Not only can they assure that their properties will be protected for their kids, they can also designate exactly how those properties will be distributed to their kids.
Estate planning enables pre-selection of exactly who can economically and legally care for their kids through established trusts and wills. There are a few estate documents that, when used correctly and often in conjunction with one another, can supply assurance and an assurance that any minor children will have the appropriate financial and custodial defense they need.
A Living Trust provides a variety of benefits, including the ability to hold assets in Trust for a kid (or any other individual) and disperse them according to requirements set forth in the Trust by the creator of the Trust (referred to as the “Grantor.