BIG DOG OF FINANCE BLOG
Today’s email pick is
Estate Planning for Dependent children
G’day I am Dr. Friday president of Dr. Friday Tax and Financial Firm, Inc. and this is Wesley the Top Dog of Finance.
Wesley what do you think about Estate Planning for dependent children.
My Lady (that’s what he calls me) I believe you can never start too early. As we all know we never know what life will bring. I am 8 years old which in human live that makes me about 65. I have two younger brothers that I must make sure will be taken care of as well as I must make sure they know what you expect from them. Just the other day Goliath took a check off the desk and I had to explain to him that was not allowed in our office and so he put it back. But as long as we are having this conversation, my Lady, what have you done to take care of us if anything happens to you.
Wesley this is a conversation I never planned to have since I am unmarried and with no children, but you are correct you and the other boys are my responsibility and my family so I must consider what will happen to you if I was unable to take care of you. So I wonder where I should start to set up my estate to take care of my complete family.
If I may be of some help, I have done some research on this my lady and it would appear that you must:
1. Make of list of whom you want to leave something to.
2. Decide what you want to leave to them (a word of advice my lady do not leave amounts if it is cash, rather use a percentage since you really have no idea how much money you will have at that time)
3. Since we cannot manage our own finances, you will need to appoint a conservator over us and make sure they will take care of us like you always do.
My lady from everything I have read you want to be very clear and you should check with a lawyer to see if you should have a trust or something as a way to distribute your wishes.
Wesley the Big Dog of Finance has made a excellent point. We always need to be prepared for whatever may come no matter your age.
