Families today face increasingly complex dynamics, meaning that you might need to bring some of this complexity over into your conversations with your estate planning lawyer about the tools and strategies to use.
Some of the most common factors affecting families with estate planning today include second and third marriages, children that happen outside of marriage, and long term relationships that mirror marriages but don’t necessarily have the same legal protections. By considering your individual situation, you can discuss with your estate planning lawyer the type of trust that you can be aligned with your individual needs.
Using a trust rather than a will enables young children to receive income until whatever age you set, then allowing them to have access to the principal of any remaining inheritance. If you use a will instead, you will receive a full inheritance at the age of maturity that is established by the state.
Most states have this set between the ages of 18 and 21, which might not be the right fit for passing things on to a child that has recently become an adult. Designating a trust allows you to exercise some control and increase the chances of financial responsibility for your loved ones who may not be able to or be comfortable with inheriting a large sum of money.
For more information about leveraging trusts in your estate planning, set up a time to speak with a lawyer. At our Pasadena law office, we help you determine the right course of action.