What will happen to your assets?
In my opinion, trusts are better than wills. In my own experience, I feel that a trust was the best way for me to have my assets distributed and all my wishes exercised when I hit the big “soccer field” in heaven.
The best advice I can give any newly single dad is to research your present situation and bring it to a licensed, wills and trust professional. I have all of my assets in the name of a family trust and I also have my asset distribution built on time tables and age criteria. That’s right, I am not going to give away the farm the minute I drop dead. I have each of my three children allotted my funds through age and certain criteria. I feel that it is important for most men to understand that they can make this request based on certain, important time tables. For example, I want my daughters and son to have a 4-year college degree and there are funds allotted to that purpose. I also want to offer a distribution to them if they finish college and wish to buy a house on their own, (That’s right, there is a different distribution to them if they are married and buying with a significant other).
All of these topics must be discussed and planned, no matter who you are and what your present financial situation is. Make an appointment and start discussing your options.
Your thoughts and comments are always appreciated.
Richard “RJ” Jaramillo, is the Founder of SingleDad.com,
a website and social media resource dedicated to single parenting and specifically for the newly divorced, re-married, widowed and single Father with children.
RJ is self employed, entrepreneur living in San Diego and a father of three children. The mission of SingleDad is to help the community of Single Parents
“Make Life Happen…Again!”