Most parents always want to do what’s best for their children. But New York parents of young children who believe that having a simple will would suffice if something should happen to them may be misguided. When it comes to estate planning and administration, parents should strongly consider having the most comprehensive plan in place for their kids and other loved ones.
Part of that estate planning when children are a part of the picture is setting up a trust, especially if a parent doesn’t want his or her child to inherit total assets when the child turns 18 since without a trust, that would be the case. Some children may not be able to handle a large sum of money at that age, so a trust will ensure the child gets the money over time. A trust may make sure children are looked after for the future.
A trust can also teach children how to deal more effectively with money and help them to set boundaries around spending. A trustee would be able to help children to come up with an income plan that sustains them for the long haul. This is especially important if children stand to inherit a sizable amount of money.
A New York attorney can help parents to decide on what course of action would be best when it comes to their estate planning and administration needs. A lawyer can sit with a client and come up with a plan that meets the client’s specific lifestyle and how a client can best take care of children in an estate plan. A lawyer will also answer any questions regarding what it means to have an all-encompassing estate plan when it comes to children.