2880: What Every Parent Needs To Know About Creating A Will by Doug Spencer with Financial Finesse on Legacy Planning

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Episode 2880:

Doug Spencer offers a clear, practical guide for parents on how to ensure their children are protected both emotionally and financially in the event of their passing. From choosing the right guardian to structuring a testamentary trust, he breaks down the key decisions every parent must make to avoid letting the state determine their children's future.

Read along with the original article(s) here: https://www.financialfinesse.com/2019/01/14/what-every-parent-needs-to-know-about-creating-a-will/

Quotes to ponder:

"You have to make a will! Your will is your directions to the probate court, telling them who gets to care for your kids, who gets to handle the money for them, how that money can be used and when your kids can get it."

"You are using your will to create a trust that only goes into effect when you die. It determines who manages the money, what it can be used for and when your kids actually get the money."

"You can choose a person or a corporation, e.g. a bank or trust company, to be in charge of the trust (aka the trustee)."