One of the most important parts of planning an estate in Arizona is preparing a trust for your children, especially for those children under the age of 18. As a part of your living trust, ensuring that your children receive their inheritance in the manner in which you intended, a trust for children with monthly distributions is a phenomenal option.
By planning a separate trust for your children’s inheritance, you can choose how and at what date they will receive the money. Maybe you and/or your spouse do not want your children to receive any part of their inheritance until they are 25, or maybe you want them to have a monthly chunk of change in the event that you pass away unexpectedly, and then get the rest of their in heritance once they have completed college. Creating an inheritance trust for your children will allow you and your partner to make the rules that decide these various factors. It’s important to do this because if the inheritance coming to your kids is just lumped in with the rest of your estate schedule, they won’t necessarily get what you had in mind for them upon your death or in the event of your incapacitation.
Discuss the many possible ways that an inheritance trust can be created with your Arizona estate planning lawyer. Once you’ve made final decisions about a trust for your kids, make sure the trustee that you named is completely cognizant of your wishes BEFORE anything happens. Your trustee will be responsible for executing your final will and testament and all the provisions therein. If you need to provision extremely explicit ways that the trust be used or not used, fine-tune the wording of the trust. Whether this trust is used to pay for a law degree or a new home, a hair brush or a new computer is your call, so be sure your Chandler estate planning attorney knows exactly what you want the trust to do for your kids.
Call Thompson Law Firm today to find out more about setting up trusts and other estate planning options. We can be reached at 480.634.7480.
