A: If you have children who cause you to lay awake at night wondering how they might waste their inheritance, make sure to tell your trust attorney.
Evaluating the maturity, spending habits, and bad choices of your children will help determine how you should plan for their inheritance. Many people like the idea of keeping their children’s inheritance in trust until they reach a certain age, such as 25, 30, or sometimes even older. This also applies if you have minor children. Most parents do not want their kids to have outright access to their inheritance right when they turn 18!
Adding a “spendthrift” provision to your trust, for example, will generally prevent your children’s creditors from touching the assets as long as they remain in the trust. Meanwhile, your Trustee will have the discretion to make distributions to your children for their health, education, support, maintenance, and welfare.
If you have any questions about this, please feel free to reach out to us (707-681-5851 or [email protected]) or set up a complimentary consultation at your convenience by clicking on the following link: https://MyNapaLawyer.as.me/