For many parents, their children’s education is a top priority. Just as you take the time to appoint a guardian for your children in the event of your passing, you are equally able to provide for their educational needs when creating your California estate plan. A living trust is an excellent tool for accomplishing this. An experienced Orange County estate planning lawyer can help you craft an estate plan that is right for the goals of your family.
Why use a living trust in California in order to accomplish the educational goals that you have for your children? The following are several examples:
- A living trust can set aside the distribution of the bulk of the trust assets until such time as all of your children have completed their education, ensuring that each child’s schooling is paid for, provided there are sufficient trust assets.
- A living trust can provide the trustee with the discretion to make additional distributions of trust principal if a child chooses to pursue higher education or attend more expensive institutions.
- A living trust can make specific distributions of trust assets for tuition or other educational expenses.
- A living trust can contain a provision that requires your children complete a certain level of schooling in order to receive any of their inheritance.
In addition to helping you achieve your educational goals, a living trust can also provide many other benefits, such as probate avoidance and tax savings. Your attorney can help guide you through these benefits as you begin the process of creating an estate plan. Contact our office of experienced Orange County estate planning attorneys today for more information. Call our office at (714) 459-5481 for a consultation.