Over 70% of parents of young children do not have an estate plan in place, and of the 30% that do, many of their plans have holes, including mistakes made in naming Guardians, and not naming Temporary Guardians. Judges try their best to make decisions about what is in the best interest of your children, but they can never know of your true intent unless it is in writing.
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Trusts are commonly used estate planning tools. There are two main types of Trusts – Revocable and Irrevocable. If you have a Trust, make sure you know the difference between them and the benefits your Trust will provide.
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