I am happily married with kids…beautiful wife of 20 years (we’ve been together since college) and two teenagers; my daughter just turned 16 years old and my son is 13 years old.
As one would expect, once you have a family, especially children, concerns for their well-being and future become a primary focus.
My wife worries about keeping our kids healthy, giving them a good education, teaching them about making good choices and whether they’ll grow up to find love and happiness. While her tossing and turning was keeping me up, I wondered how I would pay for medical bills, afford college, and whether they will move back in with us in our ‘golden’ years. Mostly, I was up worrying about how to plan for all the potential problems the kids could face if we were not around.
While a simple will could address some of this, a personal trust may be a better choice. I chose to work with our estate planning attorney to create a personal trust which essentially acts as if we were still here by transferring our wealth to support our children, while maintaining control on how and when distributions occur. Within our trust we established guidelines which will help our children if they want to pursue an advanced degree or develop major health issues, but it goes even further. If our children have issues managing money or their marriage isn’t successful, the money we leave in trust will still be available for their support. And, if trust assets grow in value, we may even be able to provide a legacy for future grandchildren.
Personal Trusts can help achieve these goals and more. Keep reading my blog to find out how you too can start sleeping better by using estate and wealth management planning – that’s if your better half doesn’t snore.
Jonathan Kelly is Director Business Development-Trust at Principal Trust CompanySM.
Principal Trust Company is a trade name of Delaware Charter Guarantee & Trust Company, a member of the Principal Financial Group®, Des Moines, IA 50392.
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