You cannot simply leave assets behind to minor children and beneficiaries. This is because some beneficiaries, like children younger than 18, are considered too young to inherit.
Making a Will
This is why you need to use one of the most basic estate planning tools known as a will to help you accomplish your goals of protecting their interests and providing for their future. If you have children under the age of 18. The will is to play your will is the place where you can name a guardian for them if you were to pass away. You know your family best and likely do not want to leave this up to the local court to decide for you.
Since you best understand your family dynamics, you may be able to work as a single parent to decide who you most want to take on this role, or if you are a co-parent, who you both agree should be responsible for taking care of your children if something happens to both of you. If you do not name a guardian in your will, the probate court will determine what is best for your children and your children may not necessarily be happy with that decision. Likewise, you can use a will to provide for minor children and dependents.
Creating a Trust
Your beneficiary might also be unable to inherit as a result of a disability. Working with an estate planning lawyer you can create a testamentary trust that will help to provide money for your children until they’re old enough to manage it on their own. Testamentary trusts are excellent tools to safeguard money when beneficiaries are unable to manage it. Preserving your wishes and ensuring that the right people receive the assets you’d like them to have is strongly recommended as a goal for your estate planning when consulting with an experienced and qualified lawyer. Contact our Massachusetts estate planning law office to learn more about this process.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.