HOW WOULD MY CHILDREN GAIN
ACCESS TO THEIR INHERITANCE?
Whether you have thousands or millions, your Plan B should include a children’s trust.Courts can’t just give an inheritance outright to a minor. If both parents die and there is no trust planning as part of your will, the court as expensive and annoying as it is, will control your children's inheritance. If you have named your minor children, instead of the trust as a beneficiary of your life insurance policy or your retirement plan, all the proceeds will be controlled by the court. At age 18, when most parents plan their children to attend college, your child will gain complete and unprotected access to their inheritance. Most of us can agree that a couple hundred thousand dollars to use at the discretion of an 18 year-old is not necessarily going to motivate your child to become a productive member of society.
There is a better way. Smart parents prepare trusts to hold assets for the benefit of their minor children.
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