Q: I don’t have the kind of money that Princess Diana had but I still want to provide for my minor children when I’m gone; how can I do that?

| Mar 10, 2021 | Estate Planning, Q&A |

A: Most of us either watched or heard about Oprah’s groundbreaking interview with Prince Harry and Megan Markle on Monday. Princess Diana originally left Prince Harry and Prince William around $8.9 million to be fully accessed when they turned 30. However, because of investments and the substantial interest gained, the inheritance accumulated to around $13 million by Harry’s 30th birthday.

However, you don’t need to be a millionaire or a member of the royal family in order to leave an inheritance to your children! So long as you correctly set up a living trust and ensure that you and your attorney have adequately planned for re-titling of assets (or updating of beneficiary designations) into your trust, your chosen trustee can manage the assets and distributions for your children in accordance with whatever wishes you leave in your trust.

For more information, check out this informative and interesting quick read: https://www.snopes.com/fact-check/diana-harry-10million-inheritance/