Women And Money: 10 Strategies For Protecting Your Children

Making decisions about how your estate will be managed and your children protected can be stressful.  Here are 10 strategies to consider, and information to have available to your estate planner or attorney to be sure you protect your children fully.

  1. Have you executed a will naming a guardian for your minor children?
  2. Have you named a successor guardian?
  3. Have you given thought to who will manage the money your children inherit – A Custodian under the Uniform Transfer to Minors Act? A Trustee? Are you designating a person or a team of people/institutions? Have you lined up successors?
  4. Have you thought through the reasons that money should be expended to the children? For education? For post graduation education? To buy a car? For a Wedding? Down Payment on a house?
  5. Have you calculated your assets and income to make sure that if you die before your children are educated and there are sufficient funds to pay for their living expenses and college tuition?
  6. If there aren’t sufficient funds, have you met with your advisors and considered the appropriate amount of life insurance?
  7. Have you left a memorandum or letter to the guardians and trustees explaining what you would like to see happen if you are unable to be there to watch your children grow up?
  8. Have you given thought to what the guardian should receive financially (compensation, reimbursement of expenses, funds to care for the enlarged household)
  9. Have you coordinated the primary and secondary beneficiaries of all life insurance policies, annuities and retirement plan assets to be sure that the assets are put in the hands of those who will be in charge of your children’s money (custodians under a Uniform Transfers to Minors Act or trust for their benefit), rather than having those assets payable outright to children at a very young age?
  10. Have you given thought to distribution ages – at what age or ages your children should have the right to overrule the Trustee and withdraw funds regardless of what the Trustee thinks is appropriate?

Patricia Annino is a nationally recognized authority on women and estate planning.  She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about.  For more visit:  www.patriciaannino.com



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