5 Smart Ways to Include Your Kids in Your Will

As a parent, you need to think about the future of your kids at all times. This is where you need to include them in your will as well. However, the process of including your kids in the will can be quite tricky. That’s why we thought of sharing five smart ways on how to do it.

  • Pick a trusted custodian or a guardian

As the first thing, you need to pick a custodian or guardian that you can trust. They will be able to make decisions on behalf of your children when you are not there. Therefore, you need to make sure that they are taking the right decision at all times. You should also communicate what your expectations with the custodian or guardian that you select ahead of time.

  • Determine the age of inheritance

You will need to determine the age where your assets will be passed over to the children. In most instances, this age could be 18 years or 19 years. However, it is still better if you can pick an age in between 21 to 25 years, so that your kids will put their money to good use.

  • Stagger all inheritance payments

Instead of allowing your kids to have a lump sum payment, you can stagger the inheritance payments that they receive. It can be done in few installments. The overall process is known as testamentary trust. This would be managed under the control of a trustee. For example, you can allow your child to have 20% of the money at the age of 19, 40% at the age of 25, and the remaining 40% at the age of 30.

  • Have backups for all the key roles

As you continue to make the estate plan, you need to understand that it would not come into effect in near future. It would sometimes take few decades, and there is a possibility for things to change in the time period. This is where you need to have appropriate backups for the key roles associated with your will. For example, backups can be assigned for the power of attorneys, custodians, or guardians, and even the trustee.

  • Keep all data up to date

Your will not just be the only document that contains all information. When the family continues to evolve, you will need to make updates to your will accordingly. It is better if you can do it every year. When there is an addition to the family, when you get a new pet, or when you buy or sell a large asset, you will need to make appropriate adjustments to the will that you create.

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