Nothing is more important than family because the bonds shared with your loved ones give you a sense of belonging. And if you're from a close-knit family, your loved ones have likely been there for you through thick and thin and will continue to be there long after you're gone.
This is why many investors think about their loved ones when amassing wealth. You'll agree that nothing is more fulfilling than being able to financially care for those you love while you're alive and after you pass on. That's why you should leverage family law to create financial channels that outline the distribution of your wealth among your beneficiaries upon your death. Keep reading to discover three ways you can use family law to secure your family's inheritance.
1. Create a Trust
Since financial literacy isn't something a person is born with, it's wise to withhold your children's access to their inheritance until they're old enough to spend their money wisely. You can achieve this goal by creating a trust fund for each of your children.
Family law will allow you to appoint a neutral third party, usually a family lawyer, to hold and manage your kid's assets until the beneficiaries can legally take over the accounts. The contract remains viable even if you, the grantor, pass on. This gives you peace of mind knowing that your offspring will be cared for even in your absence.
2. Set Up Guardianship
Acknowledging that life is fleeting allows you to make future plans that ensure your kids are in safe hands even in your absence. One arrangement you shouldn't forget to make, especially as an investor whose life's work was to amass wealth for your family, is to set up guardianship.
This arrangement is especially beneficial for minors, the elderly, or family members with special needs. Leaving them in the care of someone you trust safeguards their rights and protects them from any ill-intending individuals who want to scam them of their inheritance.
3. Draw up a Prenuptial Agreement
Unfortunately, many people believe that prenuptial agreements are for the ultra-wealthy. If this is what you've always assumed, you risk missing out on the benefits of drawing up such a contract. The agreement would be the perfect tool for anyone who doesn't want their kids to miss out on their inheritance following a divorce.
This is because the document will allow you to specify how your assets will be divided in case you divorce or pass on. This will ensure that your family members receive their fair share of your estate.
While no one likes to think about their death, it's important to make sure that your loved ones are taken care of if something happens to you. Family law can help to ensure that your family members inherit your assets according to your wishes.
For more information, contact professionals like Evans & Turnblad.