Providing your children with a trust
Okay, you’re thinking, this all makes great sense. But I’m only thirty-nine, and I did a will when we had children. The will says who the kids would go to if something happened. My best friend, Joe, would be the guardian; we’ve already talked aboutit. Plus I don’t really have that many assets yet, though I have a nice-size life insurance policy, just in case. That trust sounds like a good idea for when I’m older.
Not true. Particularly when you have children, the earlier you do your revocable living trust the better, even if you don’t have a lot of money. If your children are very young, should anything happen to you, they may be at much greater risk than you can imagine. Say you’re killed in an automobile accident. It happens every day. Even if you do have a will, your will does not have the power to assure that Joe, your best friend in this world, will be the legal guardian of your children. A will can only express your wishes. The court always has the last decision when it comes to who is appointed legal guardian of your children.
Tags: trust