Parents work hard to provide for the needs of their children. Part of that provision includes estate planning, which may be especially important for single-parent families. Arizona residents who are concerned about how their children would fare if they died unexpectedly may wish to establish a trust.
Families that are headed by two parents may have an advantage in that, if anything happens to one of them, their children will still have a parent to provide for them and guide them into adulthood. Single parents may not have another parent as back-up in the event of their untimely demise. It is in these scenarios when a trust becomes invaluable. Along with the establishment of this planning tool comes the vital decisions of selecting the most appropriate individual to oversee the trust and the welfare of children.
A trust can be structured in a variety of ways, depending on the wishes of the parent. It is of utmost importance to ensure that the trust will be adequately funded in order to carry out the parent's intentions. The trust can include any instructions desired, including whether or not a child's access to the funds will be limited in scope, according to acceptable uses of the funds. Single parents can include details regarding who will be the primary caregiver and who may have visitation and decision-making privileges in a child's life.
The selected trustee will oversee the distributions of the trust's assets and will ensure that all named assets are rolled over into the trust, including compensation that may relate to the parent's death. The language used in the instructions of the trust will vary according to the purposes of the trust and the laws of a particular state. Arizona residents who wish to begin the process of estate planning may find the input of an experienced attorney most beneficial in ensuring that the selected tools will best meet their unique needs.