How A Trust Can Safeguard Your Minor Child’s Inheritance

There is nothing that you would not do for your child and to ensure their safety and security. This includes proactively developing an estate plan or updating an existing one when you become a parent. But when you write your estate plan, what you include in it makes a big difference.

Putting together an estate plan involves several considerations. No one expects you to know all the ins and outs and what will best safeguard your wealth and your children’s inheritance. That is why it is helpful to speak with an experienced attorney when you are ready to start the process.

For more information, you are welcome to come in and discuss your goals and your specific situation with our Canton estate planning attorney at the Law Office of Brian S. Karpe.

What a Trust Does in an Estate Plan 

When you put an estate plan together, you may have chosen to include several documents, such as a last will and testament, a power of attorney, a healthcare directive, and more. You may also have picked who you believe to be the perfect guardian to care and support your children if something unexpectedly happens to you.

Most parents intend to give their children everything they have once they pass on. However, when parents leave behind minor children, accessing an inheritance and managing it can be complicated. This is because the court is not going to just hand over your children’s inheritance to the guardian you named so that they can use it on your children. Rather, the court will be in control and make decisions about your child’s inheritance, including appointing someone that you may not have wanted, or may not even know, to oversee the inheritance. Plus, the inheritance will be reduced by the fees associated with the process.

This can be a frightening realization for many new parents, but it is the way that things are done. To prevent this from happening, you can establish a trust. When you have a trust for your children, you get to call the shots as to how their inheritance is handled, not the court. You can also customize a trust to be aligned with your specific preferences.

Speak to a Connecticut Estate Planning Attorney Today 

You’ve worked hard to give your family a good life and you want to make sure your children are well taken care of and set in the future, especially in a situation where you are not around. When you develop your estate plan, choosing to create a trust may give you peace of mind that your children will be protected and their inheritance will be managed according to your wishes.

For assistance with your estate plan, please call our Connecticut estate planning attorney at the Law Office of Brian S. Karpe at 860-217-1458 to schedule an initial, free consultation. With more than 30 years of experience helping individuals with all their estate planning needs, attorney Karpe is focused on ensuring you protect your and your family’s best interests.

Source:

ctprobate.gov/Pages/Welcome.aspx