Every now and then we come across high earners that have children but no trust/estate plan in place. This is problematic, costly, and time consuming if something happens to the parents.
Here's what may happen:
These situations underline the importance of estate planning, including setting up a trust.
A trust can avoid probate, ensure that a trusted person manages the children's inheritance, and control when and how the children receive the inheritance.
Let these decisions be made by you and not the court.
If you're a parent with children and no trust in place, talk to an estate attorney to see if it's something you should consider.
As financial planners, we're regularly looking for deficiencies and ways to improve our clients' financial lives.
We believe that to properly manage your assets, we need to have a complete picture of who you are and what you hope to achieve.