For most Pennsylvania parents, few things are more important than the safety and well-being of their children. To that end, parents will go out of their way to ensure that the needs of their children are met, especially while those children are still young. One way to safeguard against unplanned disaster is to address estate planning needs early, long before such plans are perceived as necessary. This includes planning for trust administration in the event that it might be needed.
No parent wants to think about leaving a child behind, but none of us are able to know what the future holds. If a child loses one or both parents in an accident, a series of changes will be set into motion that can be difficult to adjust to. In the best case scenarios, parents will have made provisions to ensure that their kids are well cared for in such an event, which begins by selecting the best possible guardian(s) to provide love and support.
The individuals entrusted with this role will have a great deal of adjustment to do on their end, as well. Becoming a guardian is usually a very sudden change, even when the issue has been thoroughly discussed. While a certain degree of confusion and anxiety is to be expected in such an event, there is no need to add financial strain to the mix.
Parents in Pennsylvania can ensure that their chosen guardian has the financial means to assume their new role as caregiver by creating a trust. That trust can be funded with a variety of assets, including life insurance. Funds from the trust can help offset costs related to housing, food, clothing, education and all of the other expenses that come with raising children. Ensuring that the proper level of trust administration is being provided can also assist the guardians in making the transition as smooth as possible under a difficult set of circumstances.
Source: thespectrum.com, “Estate planning important when children, grandchildren are involved“, Scott Halvorsen, Sept. 27, 2015