Estate planning gets a little more complicated when you have to incorporate trusts. Trusts can be versatile tools, but not every estate plan requires their creation. A trust can be useful in protecting the inheritance of a minor or help manage the finances of someone that doesn’t have the means to properly manage their resources.
When you work with Roberts Law, PLLC, we will review your overall financial structure and your individual estate planning goals and explain whether a trust is appropriate to protect your family. Many parents of minor children decide to create an estate plan to protect their minor children should the unexpected occur. A parent can nominate a guardian in a will to raise his or her minor children should the parent pass away. However, a guardianship generally does not address the management of a child’s inheritance. When significant assets, or real estate including the family home are involved, it may be appropriate to address the inheritance with a trust.
A trust can help to ensure the child’s inheritance is managed in a manner that may protect the assets for a long period of time or ear mark money for a home or college tuition. A trust can also protect an inheritance from being mismanaged by someone that may not be considered fiscally responsible.
If you have considered a trust, but are unsure if it is right for your circumstance, give us a call today. We can set up a consultation to review your individual needs and determine if a trust should be considered in your estate plan.