Many families don't have a clear understanding of what investments work. They also don't understand the risk associated with investments. It’s also important to have open discussions with the family. Many families experience the "shirtsleeves to shirtsleeves" phenomenon, wherein wealth is lost within three generations. Providing for surviving spouses and children in Two Spruce Law P.C. can be a daunting task. Fortunately, there are a few simple steps that you can take to ensure the surviving spouse and their children are looked after in the event of a tragedy.
This can be done using a variety of tools and techniques. These include a well-thought-out will and a trust, or a combination of the two. In the case of a trust, the surviving spouse can be a beneficiary of the trust during their lifetime, or a beneficiary of the trust after their spouse's death.