Trusts & Guardianship: Setting Up the Best Future For Your ChildrenSeptember 28, 2020 | Category: Estate Planning in Florida
When it comes to our children, there is nothing we would not do to safeguard their future and ensure they are safe, healthy, and happy. Estate planning allows you to ensure your kids that if something happens unexpectedly, they will be protected no matter what. Within the estate planning tools available, there are two that will protect your children: the trust and guardianship documents. These documents will provide peace of mind for both you and your whole family.
Choosing the best guardian for your kids is essential for anyone with minor children planning for their future through estate planning. This involves careful thought and preparation, and our attorneys at Douglas Law Firm will provide guidance on choosing the best guardian for your kids. But first, you are probably wondering, where does a trust apply and what is it exactly?
What is a Trust and How Does It Work?
A trust is a three-party relationship that is fiduciary in nature. You (the trustor/grantor) give a formal title to a trustee, who then holds this title until you tell them to grant it to your beneficiary (in this case, your kids). Trust funds can hold all kinds of property, from cash to investments to real estate to artwork. They can even hold whole businesses in them. In Essence, anything that is valuable can go in a trust fund. Putting money in a trust lets you pass property to someone in a structured way, where you can impose rules. For example, you might say that your beneficiary cannot use these funds to pay off debt. Or you might execute rules on how old the beneficiary needs to be before she/he gains control over the money.
In addition to the financial security a trust brings, when it comes to choosing a Legal Guardian, you must make sure to find someone who is financially able and willing to raise your children or take care of your incapacitated loved one in the event you pass away.
Choosing someone for Guardianship of a Person means the Guardian will have full legal custody of the child or incapacitated person and will be responsible for the child’s or incapacitated person’s clothing, safety, medical care, and education.
Even if your children are 17 and have almost reached adulthood, it cannot hurt to include guardianship, as you never know what can happen. Once you have made your selection, talk to your proposed guardian. If they agree, make sure to officialize it in your estate plan.
At Douglas Law Firm, one of our Palatka or Jacksonville Guardianship Attorneys will sit down with you and your family to help you choose the best possible person to take care of your children or a disabled loved one should a tragic event take place in the future.
To get in touch with Douglas Law Firm call our offices today at (800) 705-5457 or send us an email to firstname.lastname@example.org to set up a free consultation!