Life can get complicated – right? Of course it can. And it’s up to us to keep things going. That’s why I recommend that you talk to your lawyer on a regular basis.
Now, this isn’t to sell you on a lawyer (although if you need a referral, I’ve got an extensive network, so I’ve got you covered even if you aren’t local to the South Jordan or Salt Lake City areas). Rather, this is something that’s so important that it’s something I do on a regular basis, too.
Why you should talk to your lawyer on a regular basis
Let’s talk about what nobody wants to admit (but we all know): we’re all working on borrowed time. Sometime, someday, we won’t be here any more. And when that day comes, what will happen to those we love most?
In my case, my goal is to make sure that my children will be cared for. When you’ve got two young children and you’re divorced, it seems like everything is a lot more complicated.
And because I want to make sure that my children’s finances, future, and stability is well-defined, a will just won’t cut it.
Trusts vs Wills, and which (I think) is better
Now, if you currently have nothing written down or spelled out in a legal sense, please change that. If you’ve got to jump on a service like Legal Zoom, do it. It’s not the best option, but it is better than nothing.
But if you can go talk to a lawyer, that’s the better route. It’ll save you a lot of time in the long run – especially since laws and filing are minutely different from city to state to country.
And between a will and a trust, I’d have to recommend a trust every time. While a will lets you determine who gets your children, your money, your home, and the rest of your belongings, a trust lets you dictate what happens.
It lets you make contingency plans – and have backup plans in place. It can also let you set up who’s going to manage the money for your kids – that way, you’ve got someone you trust involved in making sure that your children’s welfare is guarded.
And when you’ve got small children, think about having a non-parent be the appointed trustee in charge of handling the finances. Of course, it will depend entirely on your situation and preferences. That’s another reason you should talk to your lawyer.
How to plan for the inevitable and take care of those you love
Planning for the future is important. There’s no better way to make sure that those you love will be cared for, no matter happens. I promise, once you get this important task done, a weight you didn’t even know was there will be lifted.
That’s why you need to call up your lawyer (or find a reputable one who specializes in this branch of law!) and plan your trust today.
Transitioning to a full, abundant, entrepreneurial life doesn’t have to be hard. And neither does setting up your trust.
Ready for more real-life advice about building your business? I’m your girl.
A visit with my attorney, and other fun things…
Posted by Lori Hildebrand on Monday, November 27, 2017