Estate Planning Clauses
When making sure you have everything in order for end-of-life planning, you may become overwhelmed. There is a lot to learn and much to decide upon. You may be wondering what estate planning clauses you should know about. Our Buffalo estate planning attorney can help you sort through exactly what you should know.
Estate Planning Clauses | Trust Clause
The trust clause in a will allows an individual to establish who’s going to take care of the absence on behalf of the child or children who are underage. It allows you to establish the age average the children are going to receive those assets and how those assets are going to be distributed during the period of time that their trust is in existence. Generally speaking, we’re going to use those assets with health, the education of the children, we’re going to allow it to use for their college purposes on or about 18th birthday, and it’s going to have a date, at the end of which time, they’re going to be able to receive those assets.
Estate Planning Clauses | Guardianship Clause
One of the most important aspects of a will for someone who has children is to have a guardianship clause in it, the guardianship clause allows you to designate the individuals who are going to raise your children in your absence. Without a guardianship clause, it’s going to be left in the surrogate’s court, the state of New York, to make that decision. If you have family members, all of them want the children, you really want to make certain that there’s no dispute between those family members and that you’ve designated, usually a married couple, to raise your children in your absence.
If you need more help learning about these estate planning clauses, please call our Buffalo estate planning attorney Randy Gugino today for a free consultation.