Some New York residents put estate planning on the back burner for when they are middle-aged. However, anyone who earns an income and has children should seriously consider the need for wills and trusts. Lives can be lost in the blink of an eye, and wills and trusts can ensure that funds are available for the care of young children, should the parents die before the children reach adulthood. Parents do not usually want to stop and think of such a possibility, but having estate planning documents in place could provide peace of mind.
Although parents could bequeath their estates to children in their wills, considering trusts for that purpose might be a better option. Setting up a trust can guarantee the availability of funds for children through their years of dependency and adulthood. A trust can make funds available for school and college education, and beyond.
Parents can appoint a trustee, either an independent person or a family member to manage the trust funds and care for the needs of the children in the absence of their parents. The trustee can disburse the assets according to the parents’ specified wishes at planned or appropriate intervals. Families who have children with special needs can set up a trust to meet their needs after the death of the parents.
Parents of young children in New York who have questions about setting up trusts and drafting wills can get answers from an experienced estate planning attorney. Legal counsel can assess the unique circumstances of the parents and explain their options. Whether they choose to ensure that their children’s needs are met by establishing trusts or by drafting a will, the lawyer can provide the necessary support and guidance.