Trusts for children
Wealth automatically flows to children from a will when they turn 19 unless you establish a trust that holds that wealth for a longer period. There are some really good reasons why you might consider such a trust. Perhaps you want to make sure the money is used to finance something specific like a university education or a first home. Or maybe you want to protect your children from your creditors, or maybe you want to shelter them from some of the tax implications.
A trust is customized and spells out how and when wealth flows to your children. Again, a well-planned trust can avoid all sorts of hard feelings and difficulties for your family and executor.
Trusts for other purposes
You might want a trusts to serve another important purpose. Trusts can help with
Planning for blended families
Planning for disabled children
Talk to your legal advisor to see how trusts might benefit you and your family.
I’m ready to evaluate my own will and estate options