Setting up a trust fund for your children can ensure that the money you are leaving behind for them is taken care for them, in the way that you want. But your efforts in completing this important, yet somber task can be ruined by making one of these common mistakes.
A comprehensive estate plan can protect the things that matter most. For many, this means their property and their family.
Including provisions for the care of your children in your estate plan is essential for peace of mind. But many parents struggle with including such provisions as naming a legal guardian for their child in their plan. Indeed, even the fictional parents in the popular television sitcom Modern Family struggled with this issue. Jay and Gloria, his new and much younger wife, agonized and argued about who they should name as a legal guardian for their children.
They knew that without proper planning their children were left at risk if something ever happened to them. Without properly naming guardians in a legal document, a judge would make the decision for them. Not ideal, under any circumstances.
