Parents of small children often think that they need only a “simple” estate plan. This typically means that they do not see a need for a revocable trust as part of their planning. Revocable trusts, however, are actually a very valuable tool for families with minor children. An experienced Orange County estate planning lawyer can help demonstrate how a living trust can benefit your family.
What are the advantages of using a living trust in California when you have minor children? The following are five examples:
- A living trust allows you more control over how and when your children receive their inheritance. Without a trust, the children may receive their inheritance at a much younger age than you would otherwise feel comfortable with. Many children, even when they become legal adults in the eyes of the law, are not yet financially mature enough to handle this sudden receipt of wealth.
- A living trust allows you more control over the specific terms under which your minor children receive assets. This may include age requirements, restrictions relating to education, or nearly any other scenario that you can envision.
- A living trust allows you to make a choice as to who will be in charge of managing the inheritance of your minor children, rather than someone who is appointed by the court.
- A living trust allows you to include language to address potential substance abuse, bankruptcy, or divorce situations that your children may face in the future.
- A living trust allows you to provide funds for specific purposes, such as attending further education, purchasing a house, or getting married.
To learn more about the benefits of living trusts, view our free guide, Understanding the Revocable Living Trust – In Language that Anyone can Understand in 8 Minutes. Call our office of experienced Orange County estate planning attorneys today for more information about what type of estate plan is right for your family. Contact us today at (714) 459-5481 for a consultation.