How Can I Protect My Children in Housing Planning?

How Can I Protect My Children in Housing Planning?

How Can I Protect My Children in Housing Planning?

Many of our clients have concerns regarding their children when planning an inheritance. Concerns can range from making sure they are taken care of financially, choosing the right guardian, and more.

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Some of our clients’ biggest concerns are:

  1. I don’t want my children to spend all the money they inherit right away. We always tell clients the best way to crush a great kid is to give them a lot of money. We work with clients to create plans to help their children. One of the ways we do this is by regulating their disbursement from the trust at a certain age. We usually allow children to ask guardians for money at any time for specific purposes. For example, if a child wants money to pay for college, they can usually get money from a trust for tuition fees. We work with our clients to ease their worries about each of their children.
  2. I want to make sure my child will be taken care of if something should happen to me. This is almost always the main concern of parents of young children. It is very important to draw up documents and choose who will be the guardian of young children, if something happens to the parents. We help our clients through this process to ensure they are comfortable with language and guardians. We also help clients arrange paperwork to keep assets in trust for young children, in case something happens to the parents.
  3. I want to make sure my kids are taken care of if I die and my partner remarries. While this situation is difficult to navigate, it is very important to consider and discuss it while both parents are alive and well. Draft the document now so that you and your spouse are aware of the plans and have documents to protect the children, should the parents remarry after the death of their spouse.
  4. My children are no longer minors, but I want to be able to participate in their health care decisions if something happens to them. This is a major concern for parents with children far away in college. As soon as your child turns 18, it’s important to draw up a health care authorization and even financial documents so parents can stay informed and involved in their care, should the child be injured or incapacitated.
  5. I want to make sure that my child can still do the things that are important to us, if something happens to me. For example, a client takes their child on vacation every year to the same location. If anything were to happen to her, she would want the designated guardian to still take her child to their vacation spot every year. We were able to trust him about the holidays and discussed these wishes with his guardians. We also helped him draft a letter with helpful instructions.

All of our clients have unique concerns about their children. We help them customize their estate plan to protect their children and protect them from any worries they have.

Housing planning requires careful preparation to meet the needs of each individual.

Contact us today to help you get the right paperwork or to update your current property package. We will plan so you don’t have to worry about your future.

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