Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Tuesday, June 16, 2009

Parents: Consider a Trust as Part of Your Estate Plan

Parent_and_child_hands Parents should consider creating a trust that would take care of their children if something happens to the parents.  Reasons for creating a trust include: 

      • Parents have substantial assets or money that children would inherit.
      • Ability to delay the age at which children get the money outright.
      • Conditions can be placed on inheriting, such as going to college.
      • Avoiding the hassle of needing court permission to spend money, which may arise with other arrangements.
      • Parents can control how the money is spent and pick the trustee.

For more information, see Stacy L. Bradford, Deciding If Your Kid is Trust-Worthy, Wall St. J., June 3, 2009.

Special thanks to Jim Hillhouse (Wealth Counsel), Joel Dobris (Professor of Law, UC Davis School of Law), and James S. Galco (Trust Officer, Park National Bank) for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2009/06/parents-should-consider-creating-a-trustthat-wouldtake-care-of-their-children-if-something-happens-to-the-parentsresons-for.html

Estate Planning - Generally, Trusts, Wills | Permalink

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