There is a big difference between choosing any guardian and choosing the right guardian. When creating an estate plan, this may be something that weighs on your mind. Although it's a tough decision to make, you can only put it off for so long.
A previous post encouraged new parents to consider designating guardianship and purchasing a life insurance policy or trust to be prepared in case a tragic event should happen.
Even if you have everything in order for your estate, there may be some challenges that stand in your way at some point. Unfortunately, you have to address all estate planning issues, even those that require more of your time and attention.
Not all trust grantors need to fund spendthrift trusts for their heirs, but they can be ideal when the heirs have proven themselves to be less than fiscally responsible.
When creating a will, you spend most your time making decisions regarding who will receive your assets when you pass on. While this is important, there's a big question to answer: Who will you choose as the executor of your will?
You know that passing your business on to your kids is a serious matter. A lot of companies fail when they lose the influence of their founders and the children do not put in the same time and energy to sustain them. You do not want this to happen to your company, so you focus on training and teaching your children from a young age. You are grooming them to do your job someday.
You have worked hard your whole life to build a business. Although your children are wonderfully successful in their own ways, it's apparent that your predecessor lies elsewhere.