If your marriage recently came to an end or you are in the early stages of the divorce process, a wide variety of legal issues may be on your mind, from how your property will be divided to how you will adjust to life without your spouse. If you have children, this can be an especially challenging time. Moreover, there are a number of financial concerns you may have, such as how you can help protect your child’s financial future as a single parent. For some, setting up a trust is an excellent way to accomplish this.
When it comes to trusts, there are many options, so it is important to review the different types of trusts and move forward with one that will suit your circumstances most appropriately. By creating a trust, you can help make sure that your child has the resources they need, even if you pass away. You can appoint a trustee to oversee the distribution of your estate’s assets and you can put time restrictions in place to ensure that funds are disbursed in accordance with your wishes.
A trust can be an excellent way to help your child work through his or her future, such as attending and graduating from college, even if you are no longer around. As a single parent, you may have a number of concerns related to your child’s financial future and a trust could offer peace of mind. Head to our estate planning page if you are interested in reading more on setting up a trust.