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Trust Us, Kids ... We've Got You Covered
Date:3/10/2009

PHOENIX, March 10 /PRNewswire/ -- Just a short weekend getaway. An auto accident. Both parents killed. Suddenly, three children are not only without their father and mother but are without the legal documents to protect them as well. No one thinks it will happen to them, but sadly sometimes it does.

As a parent, you probably think about what you want for your children in case of your death, but you, amongst countless others, may never actually take the correct steps to ensure your wishes are carried out. And contrary to the movies, a will doesn't solve the legal problems. When it comes to children, it's far more complicated. A mere will guarantees the court will be involved. The court will not only determine a will's validity, it has to ensure the parties chosen by the parents as guardians are deemed fit. And further, the court mandates all financial assets be transferred to the children upon their turning eighteen.

"A will can only to do so much," counsels West Hunsaker, Chief Marketing Officer for Morris, Hall and Kinghorn, PLLC. "To truly map out the care you want for your children, both physical and financial, a trust is the only answer."

Estate planners prepare trusts for clients as a way to guarantee that their wishes are carried out in the case of an untimely death. Parents are able to name the guardians for their children and choose the circumstances and age at which they will receive an inheritance. Should Grandpa Fred oversee the children's funds while Aunt Lindsay cares for the kids? Do you want your kids to have a certain amount of money for college but retain the rest until after turning 30? A trust allows parents to make all of these decisions, and more. Trusts also allow parents to gift personal items to each child, avoiding the potential for fighting among the siblings over their parents' cherished possessions.

As a parent, you spend every day of your life caring
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SOURCE Morris, Hall and Kinghorn, PLLC
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