Do You Have A Trust For Your Children Under 30?
A recent death in the local community brought to light the real life consequences of putting off, or failing to put into place, basic estate documentation. The scenario: A single, divorced gentleman with custody of his children suddenly passes away leaving behind a 21-year-old and a 15-year-old. Without a Last Will & Testament containing a trust for the children, the 21-year-old is immediately entitled to half of his father’s estate while the 15-year-old stands to receive his half of the estate upon reaching the age of 18. Until the younger child turns 18, the funds from his father’s estate will be accessible only by court order. Furthermore, the 21-year-old is acting as Personal Representative and, at such a young age, is making decisions concerning the assets of the estate and the disposition of her father’s home. GWEB recommends that money left to children be placed in trust until the child reaches the age of 30 when they are mature enough to handle their finances without the help of a trustee. Call GWEB today for more information about the basic estate documents which everyone should have.
