Becoming a parent is an exciting time in a person’s life. A good number of people believe that there really isn’t any greater joy. When a person becomes a parent, there are more responsibilities. One of those responsibilities is planning for the financial future of the child. Far too many people only consider the bright side of the equation. They think of how they will provide for the child while still living. There is another side. Being able to make sure the child is taken care of in the event of a parent’s untimely demise. A Family Estate Planning Lawyer in Gilbert AZ can help a parent plan for such things.
As one would assume, things are different for a single parent than they are for a parent who isn’t single. If a person is raising a child without the help of the other parent, that will have to reflect in future financial planning. After all, there isn’t any guarantee that the absentee parent will show up and assume any type of responsibility. There are also cases when the other parent is dead. Whatever the case may be, it’s important to talk to a Family Estate Planning Lawyer in Gilbert AZ about guardianship. A quality guardian must be found for the child. The guardian could be a grandparent, friend, or any other relative. It’s just important that it’s a trusted person. A person shouldn’t be chosen without being talked to about it first.
There is also money to consider. As far as money is concerned, most people find trusts to be quite effective. A Family Estate Planning Lawyer in Gilbert AZ from The law firm of Janet R. Feeley L.L.C. or any other law firm can help a parent come up with a trust. With a trust, a parent can choose at what age a child receives an inheritance. There can also be conditions. For example, a parent could require that a child finish a four-year degree before receiving an inheritance. Also, there doesn’t have to be one age or requirement chosen. The trust can be broken down into different parts. Each can contain part of the total inheritance.
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