Tuesday, October 29, 2013

Child Care

Sam and Amy want to provide for their children after their death.  They believe it is not simply a matter of having enough money and life insurance that their children would have enough money.  They want to be sure that the money is spent as wisely as possible.

Since their daughter is only 10 and their son is 13, they know that the court would not allow them to be paid their inheritance outright if Sam and Amy were to pass away in the near future.  But they were surprised to learn that the court would release all the children’s money to them at the ripe old age of 18 if Sam and Amy don’t specify otherwise in their Wills or Trust.

Sam remembers when he was 18 and shudders to think how quickly he could have spent a large inheritance at that age and have very little to show for it when he was broke again. 

Amy remembers being very responsible when she was 18, but she thinks that managing a lot of money would have been a heavy burden for her then.  Those hard lessons about who you can trust and with what would have been far costlier.

If Sam and Amy plan ahead for the remote possibility that they could pass away before their children are really independent, they can help protect their children from themselves and from people trying to take advantage of them.  It is part of complete estate planning. 

For advice about protecting your children even after your death, call our office at (815) 436-1996 for an estate planning appointment.  © 2013 Gruber Law Office, Ltd.


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