Make a Will
You needs a will, regardless of income level. You should name an executor and assign a guardian for each child under 18. In the case of young children, you also need to have a minor’s trust created by an attorney. This means that any assets left to them will be held in said trust until the recipient reaches the age of majority. You should review your will with each life event, or at least every three years.
Know When to Create Trusts
If you own property especially if you want to keep terms private, establish a living trust is critical. This bypasses probate and the associated costs. Otherwise, generate a trust within the will, especially when:
- You don’t want to leave any assets directly to minor children.
- You want to protect you property from falling into the hands of a child’s ex-spouse or a creditor.
- You feel that your adult children lack responsibility in handling an inheritance.
Properly planning and protecting your estate is important now more than ever. Schedule a no-obligation consultation today.