Daylight savings time is almost upon us and I find myself using the “spring forward / fall back” trick every year. I can never remember which way to adjust my clocks.
Unfortunately, there is no trick which helps us stop the clock entirely. Each moment that passes is one lost entirely. If you have minor children, each moment that passes not having the proper estate plan for their benefit is a gamble of time you will never get back.
If you’re lucky, this won’t affect you; but are you really willing to take the risk and have your children’s well-being and finances managed by whoever the court decides is appropriate? Without the proper estate planning, namely a testamentary trust for their benefit, any funds left to your children directly must be placed in a guardianship and restricted by the Court. Any funds to be used for their benefit must be approved by the Court and an order issued, which is not only guaranteed, but costs your child money in attorney’s fees.
How does this affect my child? Any item or expense your child could want must be approved by the Court. Let’s say your son wants to learn about glaciers, and there’s plenty of money to take a trip to Alaska (what better way to learn about them than to see them in person?). The Court could very well deny the Guardian her request for money to cover a trip to Alaska. With a testamentary trust, the person you choose as Trustee has guidelines by which to spend your son’s money for his benefit. She also knows that you loved to teach him by showing and doing than by reading in a book. The Court isn’t privy to that information.
For their benefit and your peace of mind, don’t wait. Sit with us and we will help you devise a plan to care for your most prized possessions in the event of your death or incapacity. It’s something we never wish upon anyone, but more often than not, happens.
You can feel comfortable falling back on our support and be ready to spring forward with a plan that will protect your little ones.
Call or email us today to schedule your free consultation.