Preserving Your WY Family's Legacy
A values based approach to
Many affluent couples are concerned that once they're gone, the money their children receive may not be put to the best use. They fear their children could lose their inheritance through divorce or bankruptcy, or simply waste it away while pursuing bad habits. If their estate is large enough, they worry about turning their children into trust fund babies - ne'er-do-wells who, cushioned by the family nest egg, will lack the incentive to do something productive with their lives.
These fears are justified. Statistics show that the younger generation - including baby boomers - has a one-in-two chance of experiencing either a divorce or bankruptcy in their lifetime. And many of us know of at least one trust-dependent soul who lives from one trust distribution to the next, a victim of parent-created affluenza.
Fortunately, you can plan for and avoid these issues with your own children (and grandchildren), by applying a values-based approach to the thoughtful drafting and design of your estate plan.
Protecting Your Children
Steps you need to take now to protect your children :
- Designate a guardian ( Tips for Choosing a Guardian for your Children )
- Create guardian guidelines (See Articles - Guidelines for Guardians)
- Establish children's trust (See Articles - Values Based Estate Planning)
- Create trustee guidelines
- For minor children
- For adult children
- Create health care power of attorney for children
- Designate someone to make life saving medical decisions for your children in your absence