Estate planning looks different for each person who walks in the door, but many share the same concerns. Create a plan that puts adequate provisions in place for your children. If they are minors, this will include naming a guardian to care for them should something happen to you. Even if your children are 18 or older, it may not be the best idea for them to inherit a lump sum without oversight.
Trusts often provide a way for parents to leave control of their estate to a mature adult until children finish college or get settled to the point of being able to handle their own finances. Regardless of how old they are, create security for your loved ones! The last thing you want is for the government to take a cut of the hard-earned money you spent a lifetime saving.
Trusts often provide a way for parents to leave control of their estate to a mature adult until children finish college or get settled to the point of being able to handle their own finances. Regardless of how old they are, create security for your loved ones! The last thing you want is for the government to take a cut of the hard-earned money you spent a lifetime saving.
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Sarah lives in Prescott, Wisconsin with her husband, Andy, and two children. She enjoys traveling, gardening, photography, practicing piano with her daughter (who prefers playing over practicing), and singing songs with her son (who generally adds the word cheese to everything from Twinkle to Jesus Loves Me).
Whether you need a simple will or detailed directives, be prepared to have your estate planning lawyer show you the whole picture. Not many people use the phrase "estate planning." Perhaps they don't feel like their money and property are significant enough to justify using the word "estate." Instead, people talk about needing to have a simple will drawn up.
In the past, pre-nuptial agreements were assumed to be for the rich and famous, but today Marital Property Agreements are a popular and effective tool to manage property within blended families. While health care directives in the form of a living will are important, you should also consider provisions for end-of-life decisions such as organ donations and funeral arrangements.
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