A: This is a common concern and it can be addressed well with proper estate planning. When you and your spouse create a trust, you will choose at what age or ages your child will receive the assets of the trust after you have passed away. You will also nominate a person (called the successor trustee) to manage the assets on behalf of the child. The successor trustee will ensure that the assets are safe and productive while they remain in the trust. The successor trustee will also spend trust funds on the child in accordance with your wishes. Once your child reaches the age you have chosen for the ultimate distribution to him, he will receive the assets of the trust and begin managing them himself.
Q: My child will be 18 soon, but I do not feel like he is ready to manage an inheritance well if my spouse and I pass unexpectedly in the near future. How can this be addressed in our estate plan?
