Parents have their own unique perspective on how to raise their children, and what values and lessons to instill. They also have personal beliefs about how their children should manage money.
Most parents would prefer that an inheritance serve to enrich and support their child’s life rather than replace the need to work or find purpose. However, these personal intentions often do not fit neatly into the legal documents designed to distribute assets.
A trust primarily focuses on appointing a trustee, naming beneficiaries and outlining the trustee’s powers and responsibilities. It rarely captures the parent’s hopes, values or deep understanding of their child, which should be the very foundation of any thoughtful estate plan.
Your estate planner may provide a document in which you can detail your meaningful guidance—beyond the legal framework—for your child’s guardians and trustees. In this document, you can communicate your wishes, values and insights—how you envision your child using inherited assets to develop a fulfilled, purposeful and meaningful life. It may also include a place to record important information, such as your child’s medical needs, routines and the significant people in their life. Ask your representative about this additional option.
YIM & YEMPUKU LAW FIRM
2054 S. Beretania St., Honolulu, HI 96826
808-524-0251 | yimandyempukulaw.com
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