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Home Estate Planning Twenty Questions #16: Do You Want to Give Your Family Guidance for the Future?

August 28, 2017 By sunrise

Twenty Questions #16: Do You Want to Give Your Family Guidance for the Future?

I have a horrible sense of direction. I truly do. When I first learned how to drive I got lost almost every time I went someplace new. I would even look up directions to places only a few blocks away. Then I would print out those directions, and take them with me. I did this because I knew I was terrible at remembering directions. I had to really learn to pay attention. It took a while but eventually my sense of direction improved. I have learned how to identify major streets and follow patterns in different neighborhoods. I still get lost occasionally. However, now I have an easier time finding my way again. Just like how I needed directions for the road some people need directions for their lives.

A personalized Estate Plan can give guidance to the trustee. It can explain how you would like your assets distributed in particular situations. Children are often prone to frivolity. This could lead them to spend all the money you left them without much serious thought. With the guidance provided in an Estate Plan, the trustee can help your children grow and mature before they can choose that option. After all, you would not give a 16-year-old the keys to a powerful sports car the first day he received his driver’s license. Instead, you would spend time training that 16-year-old to help them learn how to manage the car. The same idea applies when giving your children their inheritance. Give them the Trust and Estate Plan to provide guidance and training for handling the resources you entrust to them.

You would never provide your children with a large check without knowing what they wanted it for just because they asked. Instead, you would inquire as to why they want the money and then help them handle the funds in a mature way. An Estate Plan can give that guidance. Not only at the immediate time of your passing, but for guidance in the future as well.

Filed Under: Estate Planning, Values Based Estate Planning Tagged With: Estate Planning, Family, Twenty Questions, Values Based

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St George Estate Planning
E. Lawrence Brock, Attorney & Counselor

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