The Missing Piece of Your Estate Plan

Happy New Year and Cheers to 2015! Can you believe it’s the 6th of January 2015 already?! Time is flying by!

As I perused my Facebook, Twitter and Instagram over the past few days and came across everyone’s new years resolutions, I began to think about how many were to lose weight or get fit. Which then got me thinking about society and our focus on the physical- trying to be a size 2, remaining “youthful” or seeking out the best “anti-aging” cream. But, is staying young all it’s cut out to be?

phasesWell, when it comes to estate planning, I say it doesn’t. Without worldly education- i.e. working summer jobs, having to live with roommates while going to school or getting their first apartment- or without getting through each developmental phase adults usually go through, individuals get stuck in that one place until the stage is complete. If that phase is never complete, the individual never moves on. At each stage of life the individual learns to navigate certain challenges and responsibilities. But sometimes in the effort to “stay young” individuals become stuck.

If you have a decent size estate- own a home, have a retirement account and life insurance- and leave your estate to your children outright, the wealth and assets you leave behind could potentially handicap your child.

With a living trust you can appoint trustees to distribute your estate in phases to ensure that your child goes through each phase of life and doesn’t end up a millionaire at the age of 18 without any direction.

If you want to know how a trust can help ensure your child grows to be a responsible adult, financially, give us a call or send an email. We will be more than happy to discuss.

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