California Estate Planning: Income Distribution Trust for Minor Children

6:20 pm California Trusts, Estate Planning

happy family e1321294748142 California Estate Planning:  Income Distribution Trust for Minor ChildrenPerhaps the most important aspect of creating and planning an estate in California is preparing  a trust for your children, especially for those children under the age of 18.  As a part of your living trust, ensuring that your children receive their inheritance in the manner in which you intended, a trust for children with monthly distributions is a wonderful option.

By planning a separate trust for your children’s inheritance, you can choose when and how they will receive the money. Perhaps you don’t want them to get any of their inheritance until they are 25, or perhaps you want them to have a monthly amount given to them in the event of your untimely passing until they are 30, and receive the rest upon their 30th birthday. The bottom line is, setting up an inheritance trust for your kids will allow you to make the rules. This is important because if your children’s inheritance is lumped in with the rest of the estate, they are not guaranteed to get what you may have intended for them.

You can discuss the various possible provisions of an inheritance trust with your California estate planning lawyer. Once you have made final decisions about a special trust for your children, ensure that your named trustee is aware of your wishes. This person will be responsible for executing your wishes in your absence.

If you need to provision very specific ways that the trust be used or not used, fine tune the verbiage of the trust. Whether it is used to pay for a medical degree or a new house is all up to you — make sure your Orange County estate planning attorney knows exactly what your wishes are.

Help is available to you by contacting your Southern California financial planning experts today.

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