When you pass on you will be leaving behind a large estate. Your home, vehicles, pets, plants and everything else will be left behind. You want this all to be well taken care of so you put together a will or a trust as part of your estate plans
Your estate plans may include your family, close friends and spouse or partner. Here’s how you can use your a will or trust (or both) to make plans for the future:
You could set something aside for family goals
You may have children that you expect great things to come from. They may still be young now and not understand the value of their inheritance. Putting together a trust fund can ensure your child receives their portion of the inheritance in due time.
This may mean having their inheritance put away to secure their education. Your child might even gain a portion of your business after reaching legal age. Whatever your decision, your child will receive their inheritance through your efforts today.
You could ensure that your family can live comfortably
You may have made your spouse comfortable while you were living. Your death may make it hard for them to continue living in luxury. They may need to search for a job or even sell some property.
Putting aside an inheritance for your spouse could continue giving them the life you wished for them. Money in a trust can be secured against creditors, too, which can safeguard it against future issues and keep your spouse financially secure.
You could give something meaningful away
You may want to be remembered by what you give to someone. This may include a book you read to your child, a beach house you spent your honeymoon on or a bottle of liquor you first shared with your friend.
It’s perfectly normal to leave itemized mementos to your loved ones. A brief explanation of the meaning of each gift may also be important to include in your will.
Whatever you put in your estate plans you want to make an impact on your inheritors. You may need someone you can rely on to ensure your plans are properly thought out.