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Estate Planning | Protect Your Children, Even After Your Death

When most people begin thinking about creating an estate plan, they usually start by contemplating how they will distribute their assets after they die. For a lot of people, setting up this system of distribution usually centers around their children. Many distribution schemes involve executing a will that divides up one’s assets, in equal fractions, to each of that person’s children.


Estate Planning | Protect Your Children, Even After Your Death

There are a lot of circumstances where you might want to consider using a different distribution plan other than “to my children, in equal parts, immediately upon my death.� For these special circumstances, utilizing a trust or trusts as part of your planning may provide clear added benefits. One situation where this is true is if one or more of your children have special needs. Many people with special needs receive benefits from needs-based government programs.


Estate Planning | Protect Your Children, Even After Your Death

Another variety of trust planning that can benefit some families is the “spendthrift” trust. Some people who are loosely familiar with spendthrift trusts, or at least the word “spendthrift,” may associate this type of planning with children who have problems in their lives, such as gambling addictions, drug/alcohol abuse problems, creditor issues, maybe a failing marriage with a money-hungry spouse.


Estate Planning | Protect Your Children, Even After Your Death

In any of the situation outlines above, you can accomplish your goals through trust planning. You can choose the event that will trigger a partial (or final) distribution to each child. You can also give the trust’s trustee as much or as little discretion as you desire in terms of making certain decisions, like whether to give a child a portion of his/her distribution in advance of the timetable laid out in the trust.


Estate Planning | Protect Your Children, Even After Your Death

This article is published by the Legacy Assurance Plan and is intended for general informational purposes only. Some information may not apply to your situation. It does not, nor is it intended, to constitute legal advice. You should consult with an attorney regarding any specific questions about probate, living probate or other estate planning matters.


Contact us Touch with Legacy Asurance Plan for your estate goal. Call at 844-306-5272 for any tpes of assistance with expert advice of estate Plan and save time legacy. Legacy Assurance Plan will available 24x7 to solve your estate complexity.

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Estate Planning | Protect Your Children, Even After Your Death  

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