When a Boston couple has young children, they may feel as though they have their whole lives ahead of them. Unfortunately, accidents, illnesses and natural disasters can occur at any time without any warning. If something were to happen to the parents of minor children, what would happen to the children? That is why wills are important.
Many parents in Boston and elsewhere believe that one of the most important things they do for their children is keep them safe. Keeping them safe from day-to-day is essential, of course, but parents need to prepare for the possibility that they may not be around to keep them safe before they reach adulthood. One way to do that would be to make arrangements for who will care for them and keep them safe in the case of death.
As part of a will, a guardian can be appointed to take over the care of an individual's children. In order to relieve at least some of the financial burden on the children's appointed guardian, a trust can be established to hold the parent's assets for the benefit of the children. The trust can specify how distributions are to be made from the trust, when the assets can be distributed directly to the children and when the trust will terminate.
Without making advance preparations, family members could end up spending a significant amount of time and money to determine who will be given custody of the children. It may not be pleasant to contemplate not being there for your children, but it is necessary. Wills do not have to be complicated to be effective, but they do have to be executed.
Source: CBS Boston, "Where There's A Will There's A Way", Dee Lee, Aug. 28, 2014