Wills, Estates, and Trusts
Concerns about wills and estates are not merely for seniors. Every person over the age of 18 should consider having 3 vital estate planning documents:
- Living Will
- Will or Trust
- Power of Attorney
As you mature in years, the need for these legal provisions only increases in importance.
Many people fail to plan because they own everything jointly with their spouse. But planning is still critical, especially if you have children. At a minimum, all parents should have a will that names a guardian for your children in the event both you and your spouse should perish at the same time.
Plan for the Security of Your Children
In today’s world, family conflicts may arise over who is best able to care for your children. Maybe your brother or sister is a good choice as guardian of your children’s physical and mental well being, but should that same person be responsible for the child’s financial affairs? Chances are that if mother and father die suddenly, a large insurance payment may be available. Can one person handle it all? Would it be better to have a guardian for the person and a separate guardian for the child’s estate finances?
Also, a trust can be established that would permit income to be paid out for the child’s support until the child reaches a certain age. Likewise, if the estate is large enough, a marital trust may be necessary so that a spouse can amend federal estate taxes.
Attorney Maureen Kroll has the experience to serve the interests of your children in these sensitive areas. For more information, Contact Maureen Kroll today.
Ensure Proper Distribution of Your Assets
A will can also address the distribution of property, including distribution of property to adopted children. A will also directs distribution to children of the decedent, but unless clearly stated, if a child dies before the parent and the will is not changed, other siblings may collect instead of your deceased child’s children.
Finally, a donation to a favorite charity or religious institute can be designated in a will. However, if it is not written down, the gift that you really wanted to make cannot be given.
So take the time to consult with an attorney now. If you fail to clearly direct the disposition of your estate, the distribution of your assets may go completely against your wishes.
Everyone Deserves to Have Their Final Wishes Fulfilled
Even if you don’t have the assets of a Rockefeller, you need to plan for the inevitable for the sake of your spouse and your children. Contact Attorney Maureen Kroll to discuss planning for your family’s future. Our services are reasonably priced because everyone should have the opportunity to direct the distribution of their assets once they have died.
For legal assistance with Wills, Estates, and Trusts, call 724-863-6770 today.