July 01, 2012
Family MattersWhat does taking care of family mean for you? If you and your spouse are expecting a baby, taking care of family might mean making sure the nursery is ready, the stroller assembled, and the car seat installed. Maybe it means finding the right school for your kids or starting a college fund. Or maybe you’re nearing retirement, in which case, it might mean making sure you and/or your spouse have enough assets in your retirement savings.
Whatever it means, you probably have a good idea of what your family needs to feel secure. With a Will, you can take important steps to ensure your plans to take care of your family are carried out even after your death. In addition to facilitating the distribution of assets, a Will can also determine legal guardianship of children and name friends and charities along with family as beneficiaries of your estate. Without a Will, these decisions will be left to the probate court, and there is no guarantee that their decisions will provide the type of care and resources for your family that you had intended.
If you want more control over the distribution of assets and personal property, consider a Revocable Living Trust. You can establish for whom the trust will provide, to what extent, and for how long. As your situation changes, you can amend the trust as needed. When you name someone else as trustee, the trustee can manage your assets even after your death, relieving your family of this responsibility. Assets to be distributed after you pass are distributed exactly as you wanted and avoid the costs and delays associated with probate. This can provide security for your spouse after your death and assurance that your family will benefit from your legacy plan.
Covenant Trust Company can help you determine whether a Will or Revocable Living Trust is right for you and your family. The attorneys we work with can prepare either document, and we can serve as trustee for a Revocable Living Trust. Whether you’re looking to provide a college fund for your children, financial security for you and/or your spouse throughout retirement, or anything else, give one of our local Financial Service Representatives a call. They will be happy to help you develop a plan that provides the best possible care for you and your family now and in the future.