Excerpt from New York Times: (click for entire article)
Most people hear the word inheritance and think about money. I don’t — or more precisely, it’s the least of my worries when it comes to my young daughter. Deciding how to handle the money we will give to our child when we die was the easiest part of the legacy planning my wife and I did. We contacted a trust-and-estate lawyer and drew up a plan with all the proper trusts in place. We looped in our financial adviser and our insurance broker. We made sure our beneficiary designations forms were filled out properly. And most important, we picked a guardian for our daughter.
It cost us a bit of money and it took a lot of time to pull together the information and change existing documents — money and time that often cause people to shy away from such planning. Since we’re in our 30s, we hope to have another 50 years to go, and that means we’ll revisit it many times. But we have peace of mind.
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