Trusts can be a key estate tool for parents

Having children may prompt many people in Texas to think more about planning for the future, especially because they want to ensure that their kids will be taken care of in case of a tragedy. However, this can also be a reason to do more with an estate plan than simply creating a will. Simple wills are appealing to many because they are straightforward and can be completed quickly. However, they are less appropriate for passing on assets to minor children. People who want to make a bequest to their young children may wish to consider a trust in addition to a will.

Trusts can enable people to create a mechanism to provide for their children under the age of 18. In addition, many people do not want their children to inherit their entire estate as soon as they become legal adults. A trust can help to make sure that the children are provided for and that they receive the full benefit of the estate when they are better able to manage their finances. By having a trustee manage the funds, parents can make sure that a responsible person is looking out for the future interests of their children.

In essence, a trust can almost fulfill the function of parents to provide guidance and boundaries for children. Parents can use a trusted family member or a professional trustee to manage the investments and make disbursements to the children. This can help provide them with income as well as support their education and other costs.

Trusts are not only for the super-wealthy; they can be important when passing on average household wealth to children. An estate planning attorney may provide advice and help people to draft wills, trusts and other documents that reflect their goals and provide for their loved ones.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Contact Our Firm

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact Our Offices

Central Texas Office
100 W Central Texas Expy Suite 106
Harker Heights, TX 76548

Phone: 254-699-9999
Fax: 254-699-9996
Harker Heights Law Office Map

Galveston Office
719 59th St
Galveston, TX 77551

Phone: 409-515-6176
Fax: 409-763-1508
Galveston Law Office Map