The family with minor children
Who do you trust to take care of your children and manage the property that is left to them?
If something happens to both you and your spouse, it is critical to have a Last Will and Testament in place to nominate a guardian who is empowered to take custody of your minor children. The failure to set up a Last Will and Testament opens the door for any person, motivated by any reason, to petition the Court to be appointed the guardian of your children. Because your minor children cannot legally receive property, a Family Trust is established to receive all of your property on their behalf. The trustee that you have named in your Family Trust is empowered to manage and periodically distribute your property to your children in accordance with the specific instructions you provided in your Family Trust agreement. Upon something happening to you and your spouse, your Family Trust is immediately funded with life insurance proceeds and later receives your remaining estate assets passing under probate.