Young Beneficiaries - Case Study

Josh and Ashley were a young, vibrant couple with three beautiful children, Liam, Mia, and Chloe. They had worked hard to build a life for their family, saving and investing for their future, and had carefully planned for the unexpected. Unfortunately, tragedy struck when Josh and Ashley died in a car accident, leaving their teenaged children orphaned.

Thankfully, Josh and Ashley had created an estate plan that included a trust to provide for their children’s future. The trust was designed to ensure that the children would have access to the resources they needed to live comfortably and receive an education, without having to worry about finances. As the children have gown, the trust has been an invaluable resource. First Covenant worked alongside their guardian and coordinated how the trust would provide for their daily expenses of living, as well as the children’s rarer, but more expensive needs. When Liam needed braces, the trust covered the cost. When Mia wanted to attend a summer camp, the trust provided the funds. And when Chloe needed extra tutoring to keep up in school, the trust was there to provide the necessary resources. First Covenant helped the children and their guardians navigate many of the expenses associated with coming-of-age, helping with the purchase of reasonable vehicles as they reached driving age, working through college funding, and putting a down payment on a first home.

As the children grew into adulthood, the trust continued to be an important resource, helping them to get off to a good start with a strong financial foundation. First Covenant helped them understand the importance of saving, investing and planning, and provided them with the tools and resources they needed to build a strong financial future even independently of their trusts. Covenant continues to support and guide—from simply answering questions about how their trusts work to helping make significant financial decisions wisely and efficiently, to assisting with integrating the trusts’ assets into the beneficiaries’ own financial and estate planning.

Thanks to the foresight and planning of their parents, Liam, Mia and Chloe grew up free to focus on their education and their future. They know that despite the loss of their parents, because of their good planning they have been well taken care of.