Discover these essential insights from an estate planning expert.
Welcome to our estate planning series, where we dive into important questions with Ashley Debord from the Flagstaff Law Group. In this installment, Ashley provides valuable insights into estate planning, discussing the necessity of having a plan, selecting guardians for your children, and the role of trusts in safeguarding assets.
Why You Need an Estate Plan:
Ensuring a Lifeline During Difficult Times
In the first part of our discussion, Ashley emphasizes the importance of having an estate plan, even if you don't consider your estate large. She highlights that an estate plan serves as a lifeline for loved ones during emotional and challenging times, such as incapacity or after your passing. It provides guidance and ensures a smoother process during family crises.
"Estate planning is not just for the wealthy; it's about providing security and clarity for your loved ones in uncertain times."
Choosing Guardians for Your Children:
Balancing Confidence and Contingency
The conversation then shifts to a delicate but essential question: how to protect your children and ensure they go to the right guardians. Ashley acknowledges that parents take great care in selecting guardians but notes that family dynamics can lead to challenges. She recommends documenting the exclusion of potential guardians if there's a risk of disputes, ensuring clarity and reasons for exclusion.
Safeguarding Your Child's Inheritance:
Trusts as a Solution
In the final part of the discussion, the focus turns to safeguarding a child's inheritance, especially if it involves substantial assets. Ashley explains that for minor children, a trust-based plan is advisable. This approach allows parents to specify who manages the assets, avoiding the need for a court process. It ensures that the right person oversees the funds until the child reaches an appropriate age, typically older than 18.
For more in-depth insights into estate planning and to book a free 15-minute consultation with Ashley Debord, visit her website. Estate planning is not just for the wealthy; it's about providing security and clarity for your loved ones in uncertain times.
Remember, if you have any questions about real estate, please feel free to contact me by phone or email. I would be happy to serve as your resource for all of your real estate needs.