ESTATE PLANNING FOR MINORS- WHY DO YOU NEED IT?
ESTATE PLANNING-WHY DO YOU NEED IT?
Today I received a troubling phone call and was inspired to share it so that maybe other situations like this can be prevented. A young woman in her twenties called and said her mother and grandmother had died when she was very young and left her money, but that the designated person in the will and trust did not give her the money. She now wants to go to law school and wishes she had the money to do so. As a probate, trust, and estate planning attorney, I get many calls relating to planning and probates and trusts. Some of these calls are troubling as the situation could have been prevented with proper estate planning.
HOW CAN WE PROVIDE FOR MINOR CHILDREN?
Whether the minor children are your own or children that are close to you, they need to be protected. Proper estate planning could have sent the granddaughter to law school and more. The mother and grandmother could have hired an attorney who created revocable trusts with special restrictions due to the minors age. With proper estate planning, the grandmother could have controlled and used the assets during life for granddaughter’s benefit. Upon the grandmother’s death, the remaining monies could have remained in trust until the granddaughter reached the age of 21 or more while a responsible successor trustee carried through the mother’s original wishes. When there are no good successor trustee possibilities, a bank or financial institution can be appointed to watch over these monies. A CPA or financial planner may also be appointed, as their licenses hold them to a higher standard, making them a better choice.
WHAT KIND OF RESTRICTIONS CAN BE PUT INTO A REVOCABLE TRUST?
There are many restrictions that can be put into revocable trusts. Many of my clients have individualized requests for restrictions and specific needs; for example, a child who is now an adult and bipolar may have a trust for life where an alcoholic may obtain a portion of the assets upon proof of sobriety. Another example, is a client couple with adult children who overspend; specific language may be placed into these trusts where they can have the money in stipends for health, daily living, education, etc., while the trust corpus remains invested and grows throughout their lifetime.
WHY IS IT SO IMPORTANT TO CHOOSE THE RIGHT TRUSTEE FOR YOUR TRUST?
When creating a trust, my clients and I spend time discussing the right choice for their trustee and detailing what happens after they pass away. Choosing the right trustee for you is paramount to estate planning. Creating a revocable trust specific to your situation is necessary to properly protect your loved ones. As you can see from the example above, the daughter/granddaughter would have money today to attend law school had proper planning been done.
WHY SHOULD YOU USE ALLY GLASER, PA?
As an Estate Planning, Probate, and Trust Attorney in Miami Beach, Florida, I have over twenty years of experience and handle these matters with the sensitivity they deserve. My psychology degree, law degree, and years of experience allow me to handle all clients matters with the proper care and attention to detail. Call or email me today to get started on your personalized estate plan, trust administration, or probate matter.