FINANCIAL SECURITY FOR MINOR CHILDREN
When parents have minor children, they need to plan for the possibility that something could happen which would leave their children as orphans. If that most unimaginable event happened, who would become the guardian and how would their needs be financed?
Your desires regarding Guardianship can be specified in a will. A judge needs to approve the plan, but at least there is a plan besides the state default plan. The financial arrangements can be spelled out in a trust. If you have insufficient assets to care for your children for as long as they are minors, or until they have sufficient education to care for themselves, life insurance can be a great option. Term insurance on young parents is typically inexpensive.
Click to learn more about the advantages and opportunities available by leaving assets, including life insurance proceeds, in trust.
Your desires regarding Guardianship can be specified in a will. A judge needs to approve the plan, but at least there is a plan besides the state default plan. The financial arrangements can be spelled out in a trust. If you have insufficient assets to care for your children for as long as they are minors, or until they have sufficient education to care for themselves, life insurance can be a great option. Term insurance on young parents is typically inexpensive.
Click to learn more about the advantages and opportunities available by leaving assets, including life insurance proceeds, in trust.