Whether you are divorced or have lost your co-parent to a fatal accident or illness, you have much responsibility as a single parent. You probably work hard to protect your minor children and provide for them. However, if you have not engaged in estate planning, you might not be doing all you can on behalf of your kids.
For example, if you fall terminally ill or experience a life-threatening emergency, are your assets in order? Have you taken steps to ensure your minor kids will face no financial hardships in the wake of your death? In our experience serving San Jose and Santa Clara, California, residents, the answer is usually no.
A trust might be your solution
Trusts for minors is not a new concept. They are legal tools parents have used to hold and transfer assets to their children for many years. Trusts offer many benefits to single parents, including:
- The protection of assets intended for children (minor and adult) after you die
- Specifies when and how your children receive funds to prevent overspending
- Gives you peace of mind knowing your children will have adequate financial resources after you die
- Ensures your children use the money according to your expressed wishes (college tuition, etc.).
Now that you know you can use estate planning to protect assets for your minor kids, it is time to get started. You can find additional information about creating trusts for your children by continuing to review our website content. We are proud to offer a wide range of helpful information on our many estate planning web pages and in our blog.