I have been married for 10 years and blessed with two kids, 7 and 9 years old. Although my husband takes good care of us – as we always go on holiday to Europe every summer and all expenses are paid by him, he does not believe in planning for future expenses.
I recently told him that we should have a plan that will cater to our children’s future education. He said we shouldn’t plan for tomorrow, that tomorrow will cater for itself. I am confused, what can I do?
Thank you for reaching out to me.
There is a popular saying that “he who fails to plan, plans to fail.” Clearly that adage appears to be foremost on your mind; the evidence is in the concerns you have expressed and your desire to do something about your children’s future education. It is the first step in the right direction.
Life is indeed uncertain and we really have no control over when and what it may haul at us. In our society, women and children are often left at a disadvantage at the exit of their breadwinner or benefactor when there is no contingency plan. In such cases, the education of the children may be halted and the quality of life of the family may decline. Even where there are adequate resources to cater for the loved ones left behind, such resources may either be inaccessible due to regulatory restrictions or coveted by relatives.
One of the most effective ways to protect the future of your children is to set aside funds for their education and welfare in a trust. An education trust affords you the opportunity to transfer funds to a corporate trustee to hold for your children, with instructions to apply the funds towards the children’s education and welfare. With this type of arrangement in place, you are rest assured that no matter what happens to you or your husband, your children’s education will continue to be catered for.
I hope you can get your husband to change his perspective based on the information shared above. You should contact a trust advisor who will give you further information on how to proceed with your objective.
I wish you the very best.
Folashade has a wealth of experience in legal structuring, capital markets, and financing transactions. Her expertise also spans Private Trust, and other succession/estate planning alternatives. Currently, she is member of ARM Trustees Limited, a subsidiary of the ARM Group charged with asset protection, wealth transfer and generally, succession and estate planning.