Whenever someone so beloved dies so young, it highlights just how critical it is for every adult, especially those with young children, to create an estate plan to ensure their loved ones are properly protected and provided for when they die or in the event of their incapacity. While the death of Kobe, his daughter, and the others is terribly sad, it motivates you to get your estate planning handled the right way, or updated, the tragedy just might have some positive impact.
Safeguarding your child's inheritance is critically important to ensure that what you pass on is there when it's needed the most and put to the best use possible. Hence, choosing the right trustee and writing up guidelines and directions on how you'd like the trust assets to be used ensures your trustee is aware of your values and wishes when making distributions, therefore, prevent your heirs from going through court and conflict.
Including a Lifetime Asset Protection Trust in your plan is one great proactive step to help protect your child’s inheritance from all possible threats, while incentivizing them to invest and grow the money rather than squander and waste it. Indeed, the trust’s highly flexible structure, combined with its bulletproof asset protection makes it one of the most valuable gifts you can give your loved ones.
As a parent, one of the motivating factors driving your life's work is to leave your children an inheritance to help secure their future, and regardless of how much or how little it can be, in some instances, an inheritance can wind up doing your kids more harm than good. Putting up a Lifetime Asset Protection Trust is a must to prevent such from happening and to safeguard your hard-earned assets from being wiped out. Read here to know the benefits of these trusts in further detail.
Being left in the hands of unscrupulous guardians appointed by the court can be the most frightening aspect for you in the event you become incapacitated, given that you may have a loving and caring family members, but are unable to take care of you. Putting up a plan in place that clearly states all your wishes and consent prevents such from happening and ensures that the individual of your choice can make legal decisions on your behalf according to how you wanted them to be.
Same-Gender spouses are often challenged when they need to make parental, medical, and financial decisions for partners who are incapacitated or unable to communicate because they may have family members who remain opposed to the validity of their marriage. If you're in the same situation, you especially must need to put a comprehensive estate plan specifically design for your situation to ensure your planning strategies for your loved ones work exactly as you intended. Learn more here.
Having a trust isn’t enough, you need to make sure it is the right trust that will work for your loved ones. This trust is going to be a major player in their lives after your death and if you don’t create it in a way that will help them, it will create more stress for them. To make it easier and more efficient for your loved ones, you will need to make sure you have your trust set up the right way.
If someone has asked you to serve as trustee for their trust, make sure you are ready for the responsibility before accepting. It does not require you to be an expert in law, finance, or taxes, but it is a major responsibility that you should thoroughly understand before giving your answer. However, you shouldn’t be afraid that you will not be able to do the job, it doesn't require experience to be successful. It does require a clear understanding of your duties, which we have summarized here.