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California Estate Planning Attorney Asks If A Trust Appropriate For The Care Of Children
by Kevin Von Tungeln
Most of us have heard stories of "trust fund kids" who receive an inheritance and proceed to live a lavish lifestyle until the money is one. In almost all cases, that was not the intent of the person who provided the trust fund as part of his or her estate plan.
Trusts aren't just for the estate plans of the wealthy. A good estate planning attorney will consider a trust for clients of more modest means when it fits well into an estate plan. Trusts can be used for a variety of options that include paying for college, purchase of a home, or general financial support of a minor child.
Estate planning attorneys look at trusts when a parent wants to provide for a child and wants some level of control over how the money is spent. There is a significant difference between a trust and a custodial account. In a custodial account, the custodian has to approve all withdrawals from the account, and that process can be time-consuming and may require returning to court. Also, the property guardian administering the account may not share your values. That is where a trust can fit nicely into a California estate plan
A trust allows you far more control over how money is to be spent. By including a trust in your estate plan you can determine 1) when the child receives the money; 2) what the money can be used for, such as college, home ownership, etc.; 3) who will administer the funds, typically a trusted friend or family member, or in the case of larger estates, banks or trust companies.
Many parents name the guardian of their children as the trustee, but a growing number of estate planning attorney's recommend against that practice. Typically the guardian is a relative who may react negatively to the child's spending decisions, even if they are permitted in the trust. A trusted friend as trustee may be an option, plus it removes the temptation for the guardian to pad his or her support claims which can drain the trust of funds.
Consult with a certified estate planning specialist before establishing a trust. There are many more considerations than listed here, and it is not something for amateurs to attempt. The consequences of mistakes in your estate plan are too high.
If you would like more information about the appropriateness of a trust for the care of children, check online for comprehensive resources for personal wealth management solutions for personal wealth management solutions through estate planning, wills, and revocable trusts.
Whether your estate planning goals are immediate or long-term, a qualified California estate planning attorney will be able to counsel you on the best options available to you to meet your individual needs.
About the Author
Kevin Von Tungeln is the Managing Partner of EstatePlanningSpecialists.com and Thompson Von Tungeln, P.C. Kevin practices in the areas of estate planning, probate, wills, and trust administration. Visit EstatePlanningSpecialists.com or linkedin.com/in/kevinvontungeln.
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