It is never too early to be planning for what to leave your children - in fact, it is something you should discuss with your co-parent as soon as possible. Forward thinking will always help you better map out your goals and decide on the best option when the time arrives.
There are many possible ways that this can come in handy. You may eventually want to relinquish your responsibility as guardian of their assets, or you may want to move on with your spouse to another country and deal with legalities quickly. Another reason may be for emergency coverage - if anyone gets sick, meets an accident, or will need financial assistance for backup. Additionally, there is the assumption that you will leave this world before your children do, and you would want to make sure your arrangements are in order before any complications occur.
All of these situations can be covered by your estate planning. There are several experts you can talk to for these purposes; one would be a Trusts Attorney in Raleigh, in order to get your affairs dealt with. Whatever your estate may be, you can have these lawyers outline the necessary steps for you and help you organize your strategy accordingly.
Here are some of the possibilities you can consider for when you would want to leave your estate or legacy to your children.
1. A Family Business
One of the advantages of being an entrepreneur is being able to leave your children with something of value, even when you are not in the same city or even in the same plane anymore. A family business supplies a steady stream of income that could help sustain their lifestyles for a good few years or even decades, in the same way it has probably supported your own.
2. A Home
One of the best things you can leave your children is a family home that they may have lived in during their childhood. This is something that they can rely on and won't have to worry about paying rent for. If shelter is already provided for, then the most expensive basic need has already been covered. This is one of the best legacies you can leave for them.
3. An Insurance Plan
Coverage for any emergencies, accidents, or other unexpected occurrences will always come in handy for your dependents most especially if they are still minors. Different types of insurance can help with their varied needs, such as health, medicine, and even education.
4. Expensive Jewelry
Family heirlooms such as these are not just indulgences - they are actually a great way to pass on an inheritance to your children. The value of these are not merely decorative but can also be a good way to store value and be used in time of need.
These are your options for what is best to leave your children. It's actually a great way to plot out how you are to invest from here on out, and to focus on assets that increase in value over time, instead of shiny things like cars or gadgets that decrease in value and prove to be liabilities as time passes.
