If you have done your research and assessed your options, you’ve probably concluded that an Orange County living trust is your best option for creating an estate plan that benefits your minor children. Now that you have made this decision, you may want to incorporate several other provisions as you create your estate plan. Estate plans that benefit minors have unique challenges. Children are generally not eligible to receive property as an inheritance if they are under 18. Your living trust allows you to build in both flexibility and control over these assets without having to involve the probate court.
Now that you have decided to create an Orange County living trust as part of your estate plan that benefits your minor children, there are several other provisions to ponder. These considerations include:
- Do you have any goals that take priority for your children, such as providing funding for education, starting a business, or purchasing a home?
- Have you chosen separate individuals to serve as guardian over the minor and trustee of the trust, in an effort to separate control over the person from control over the property?
- Do you want to give the trustee the flexibility to withhold distributions to minors if they are struggling with drugs or alcohol?
- Do you want to separate the shares of each child or hold it all in one “pot”?
- What age do you think is appropriate for distributing property to children?
Crafting the trust that is right for your family takes time and careful thought. Our office of experienced Orange County trust attorneys can help walk you through this process. Learn what our other clients have to say about us by viewing our testimonials.