Hello, and welcome back! Our estate lawyers in Cary NC are back to talk more about how you can leave assets to your minor children in the event of an untimely death or incapacitation. If you missed our previous blog post, be sure to visit back with those, here:
- Ways to Leave Assets to Minor Children, Part One
- Ways to Leave Assets to Minor Children, Part Two
- Ways to Leave Assets to Minor Children, Part Three
- Ways to Leave Assets to Minor Children, Part Four
Setting up a trust in your minor child's name can often be a great decision. It is often times considered one of the best options for everyone involved. As a parent, you can set the trust up within your will. You can also name a trusted individual to manage the inheritance. That way, the court won't be in charge. Within addressed, you can also choose when your children inherit your assets. Though this is the best option, probate will still take place. Trust will not be funded until probate is complete. This can be costly and time-consuming. Unfortunately, trust only works in the event of death. Should you become incapacitated, the trust may not be used. It may only become valid in the event of death.
Parents also have another choice when it comes to leaving assets to their minor children. A revocable living trust is an option for parents who would like their minor children to inherent without being managed by the court in the event of death or incapacitation. A revocable trust can work to benefit your child's needs, just as you would in everyday life. Finances can be taken care of and other assets will remain in the trust and protected from the courts until they're needed.
We hope this information helps you better understand how you can leave assets to your minor children without having the court involved until they're of legal age. If you need help better understanding this situation, be sure to contact our estate lawyers in Cary NC. We can help.
Eldreth Law Firm | Estate Lawyers in Cary NC
Remember, if you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our estate lawyers in Cary NC is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office.
As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and DWI issues.
