If you are thinking that just because you are young and healthy, you are not in need of estate planning, then think again. Nothing will drive your lawyer in Tampa crazier than pushing off your estate planning. Many people have the preconceived notion that you should worry about your will later in life. But, life always does the unexpected. That’s why you need to sit down with your lawyer in Tampa to have your affairs in order. Estate planning is all about preparing your family for the unexpected. Speak with your lawyer in Tampa today about how you can make sure your family is taken care of.
So, how do young children come into all this? Well, if you and your partner are adults with young children, it’s time to start thinking about their future. Just because you are young, doesn’t mean you can ignore estate planning. Once you have people (children) relying on you financially, then it becomes your responsibility to take care of them. It’s also pretty common around this stage in people’s lives to get married and buy their first house. Therefore, by having children you have that added level of responsibility.
A very common course of action for estate planning with young children is to set up a testamentary trust. This is because, for example, if you and your partner died in a car accident, then you could make that trust the second beneficiary of your life insurance policy. You can then name a trustee that you trust and feel comfortable appointing.
That trustee will then be running the trust for the long-term. Which is whatever limit you decided on. However, obviously your children will be able to take control of the trust’s assets once they are legal adults. But, by setting up a trust, you are ensuring that your children are provided for. Once they reach the legal age of being an adult, then they can do with the trust’s assets as they wish.
Check out our blog for more tips and info. Contact us today at (813) 448-1042 about meeting one of our lawyers!