How can I protect my children?

You can provide protection for your minor children through an estate plan by designating guardians for them in the event of your death. In case the guardians you name
cannot serve, it would be wise to name contingent guardians. And if the guardians you name divorce or separate, you can specify who should get custody of your children.

It is also important to name guardians and/or trustees of the funds you leave for your minor children, who cannot inherit your assets outright. Your adult children can benefit from lifetime trusts, which can provide protection of their inheritance from creditors, bankruptcy, a lawsuit and a divorcing spouse. A trust can also protect your adult children from business failure, addiction and spending in a spendthrift manner.

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