Children
Children can require particular attention for several reasons: some are special needs children who are not mentally developed to the point where they can care for themselves; others are chemically dependent or otherwise not financially responsible. And in some cases parents just don’t want their children to become too dependent on what is being left to them. Even when the children do not fall into a special category, most parents want to protect their child’s inheritance from failed marriages and future creditors.
A trust for the child is almost always included in the plan. By using the appropriate strategy, you can protect your child’s inherited assets in ways that they cannot do themselves after your death. Parents will often ask, “How will assets be distributed to my child?” The answer is however you want. A trust is a set of instructions that you the trust-maker give to your trustee who agrees to carry out those instructions and the instructions can be anything so long as it is not against the law or public policy. That is why in the trusts that we create we always include guidelines to the trustee so that the trustee understands in some detail the manner in which it should exercise the discretion that you have given to it.
A trust for the child is almost always included in the plan. By using the appropriate strategy, you can protect your child’s inherited assets in ways that they cannot do themselves after your death. Parents will often ask, “How will assets be distributed to my child?” The answer is however you want. A trust is a set of instructions that you the trust-maker give to your trustee who agrees to carry out those instructions and the instructions can be anything so long as it is not against the law or public policy. That is why in the trusts that we create we always include guidelines to the trustee so that the trustee understands in some detail the manner in which it should exercise the discretion that you have given to it.
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When Your Child Goes Away to School
a promo video about steps you as a parent should take |
Wills for Young Married
a full-length webinar presented by Chesapeake Legal Counsel (click here to download the accompanying handout) |
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