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Will St. Paul kids take care when the time comes?

There is nothing more invaluable to many St. Paul residents than their children. Understandably, then, it can be difficult for individuals to imagine life for their children after they are gone, particularly for younger children who need to be taken care of until the children become adults. While these thoughts are never easy, it is essential that individuals take the time to consider what would happen to their children if something were to happen to them.

Perhaps the first place to start is thinking of a person who would serve as a guardian for the child. Once this difficult decision is made, it can be put in the person's estate planning documents, which will help reduce family disputes that could arise over who will raise the child.

After the guardianship decision is made, individuals can begin trust planning, by establishing a trust for their children. The trust can be established to allow a trustee to manage the trust property for the benefit of the child. Often, this is done until the child reaches a certain age, to ensure asset protection while the child grows up.

There are many different trusts that can be set up, and many different ways a person can control their assets even after their pass on. Certain conditions might be placed on the trust money, although there are some limitations on which of these conditions might be legally enforceable.

Ultimately, the specific trust that is right will depend on a person's individual circumstances. Accordingly, it is best to work with a qualified estate planning attorney to ensure the person's wishes, and their children, are cared for after they are gone.

Source: US News & World Report, "4 steps for simple estate planning," Trent Hamm, Dec. 17, 2013

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