- Estate Planning
- Wills and Trusts Lawyers
- Purpose and Application of Trusts
- Parents with Young Children
Wills and Trusts:
For parents with young children, setting up a trust can ensure that the children receive funds in a responsible manner in the event that anything should happen to the parents. One main concern of parents with young children is ensuring that enough assets will be available to provide for their children's education expenses. These parents may want to include trust provisions in their living trust for their children’s benefit. The trustee will manage property in the trust for the benefit of your children during their lifetime or until they reach a specified age when they will be mature enough to handle the assets themselves.
If you have more than one child, you may choose to divide the assets into separate trust shares for each child or set up the trust as one fund for the benefit of all of your children. An estate planning attorney can help you determine the most effective way to create a trust based on your family's specific needs.
When very young children are involved, flexibility should be put into a trust. For example, a three-year-old child may need special counseling or education in the future. It is important to be able to adapt the trust to your child's changing needs or to any unforeseen circumstances that may arise as they grow up.