Often, parents leave money to their children in order to continue supporting them throughout their lives and to help ensure that their futures are bright. Read on to learn more.
When Does a Child Recieve Their Inheritance?
If you do not create a will, or you create a will with no age restrictions, there is a good chance your child will receive their full inheritance at the age of 18. This can be a problem because an 18-year-old may not be financially responsible yet. In some cases, a child will receive their full inheritance at the age of 18 and spend all of the money within a few years, leaving them in a difficult financial situation. Luckily, there are ways to avoid this.
What to Know About a Will
One of the best ways to ensure that your child’s inheritance is safe is by creating a trust. A trust is a contract between a third party and an estate. The person who creates the trust is referred to as the trustor. The person who receives the assets of the trust is the beneficiary. There is also a third party involved. This third party, known as a trustee, manages the trust on behalf of the beneficiary. This means that you can choose a trusted individual to handle your child’s assets until your child is of a certain age. You may also make it so that your child can receive their assets in smaller payments, rather than all at once. In order to determine the best option for you, you should work with an experienced estate planning attorney.
If you have any questions or concerns about leaving your child an inheritance, reach out to our firm. We are here to help you through the estate planning process every step of the way.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.