Q. As a single parent, how can I protect/insure my assets will get to my children after I die? S. Sami
A. Legal documents such as a will and a trust are the best way to ensure that your assets will go to your children. In a will you can name guardians for your children and direct how your property is divided. This type of control may not seem important because you trust the guardian, but many of my clients have stated that the person who would make the best guardian would not be the best money manager.
This is one reason why I recommend a trust. It is a superior document because you can control the property in the trust until your children reach maturity. Another good reason for a trust is that your children will not lose time and money in a probate proceeding after you die Property distributed in a will is subject to probate, which is time consuming and expensive, while a trust does not have to be probated.