We are so excited to bring you this new blog series…From the Experts! This second post is about something we don’t like to think about, but is so important: Protecting Your Family Through Wills and Trusts.
Here at Once Upon a Time Creation, our mission has always been to support your love of family as you treasure special moments, both big and small. I love to hear the stories behind your cherished keepsakes and understand, through all of you, that each stage of life presents us with new challenges. As life twists and turns, there is always a new experience that keeps us on our toes, reminding us that the more we know, the more there is to learn. I truly believe that “it takes a village” and that we are all in this together.
To support you in those big events and small moments, we are partnering with experts in their field to bring you advice on topics relevant to today’s family. We have a fantastic line-up in store for you!
Thank you so much for sharing your experiences with us,
No one likes to think about dying—especially once you have kids. It’s hard enough to find a babysitter that you trust, much less think about your kids navigating the world without you. When you aren’t prepared, though, not having a Will and Trust created for your children can be the kind of thing that keeps you up at night. Taking care of your estate planning gives you the reassurance that your children will be protected if something happens to you.
First, you want to make sure that you have guardians designated. A Will can do that for you; without one, the courts will make the decision for you, and it is possible it would not be the person or people you would have picked. Sometimes clients tell me that they aren’t ready to complete their Wills because they can’t decide who to name as guardian. But a guardian designation is not final. If you change your mind about the guardians named in your Will in the future, you may change the designations through codicils to your Wills or by executing new Wills. It’s better to have something in place than nothing at all!
Wills and trusts can also protect any money you leave your children. In Pennsylvania, when someone leaves over $25,000 to a child, the courts must get involved to appoint someone to manage the money for the child. The court then supervises that person and his or her management of the money. This requires hiring a lawyer, and spending money on legal fees and court costs. It is much simpler and less expensive to create a trust in your Will that will name a trustee that YOU choose to manage your money if something happens to both parents. Also, money left directly to children without a trust will be paid to them when they turn 18. Even the most responsible and mature 18 year old would likely be overwhelmed by being responsible for your life savings. A trust can be written to last until your children are older, while still giving your trustee the power to manage the money and spend it on your children’s education and living expenses.
Estate planning is an investment in your family’s future. It ensures that, even if the unthinkable occurs, you are leaving your family with a well-ordered estate plan that saves them time and money and ensures that they are protected. The right estate planning attorney can make the process easy and straightforward, and taking care of these important documents now will leave you with one less thing keeping you awake at night!
Alison Gross is a lawyer and mom of three that helps you protect your families through Wills, Trusts, and Powers of Attorney. Please contact Alison at firstname.lastname@example.org or 215-435-8524 to discuss how she can help you with your Estate Planning and guardianship designations. Learn more at: www.altmangross.com.