There may be a multitude of single parents in Massachusetts and elsewhere who consider it vital to have a plan in place to protect the needs of their children. While certain scenarios could be difficult to think about, having a strategy concerning how to provide for the kids in the event a death occurs could prove imperative. Single parents who wish to implement such a strategy could consider setting up a trust, but many may be unaware of the potential benefits this estate planning tool can offer.
A trust is an estate planning option that can provide a variety of possibly beneficial options. For instance, if the other parent is deceased or is unable to serve as custodian for the kids, a person can use a trust to appoint another party as a guardian. One can also set forth terms concerning visitation rights and set guidelines concerning who will have the authority to make major decisions about the future of the kids.
Those who wish to implement a trust may benefit from taking time to consider who they wish to act as guardian for their kids after they are gone. Choosing someone to provide for each of the children’s daily needs, such as living arrangements, transportation needs and financial support, may seem an intimidating task. However, should the unthinkable occur, having a strategy in place could prove essential to safeguarding the future of the kids.
With a variety of topics to address, some of which may be difficult to consider, those who wish to implement a trust could benefit from seeking guidance early on. By consulting with an estate planning attorney, a person in Massachusetts could obtain much-needed advice on each of his or her available options. An attorney can provide a client with guidance in making informed decisions and assist him or her in developing a plan centered around meeting the needs of the children.