Emert Law Firm, LLC
Call for a consultation
678-926-9284

A trust is a must for those with kids

Individuals in Georgia may need more than a will after they have children. Without a trust, a child may be able to inherit property directly after turning 18. Generally speaking, younger people have a hard time making prudent financial decisions. It can be tempting to use a windfall to take vacations or make other extravagant purchases. Those who have substance abuse issues may be tempted to use their inheritance to further their habits.

With a trust, a parent has greater control over how an inheritance can be used. The money can be distributed in small chunks over time or kept in the trust as long as a child lives. Furthermore, someone in whom the parent is confident will make good decisions should manage the trust. Ideally, the trustee and the child will work together to create a plan for how an inheritance will be invested.

This may make it possible for a younger person to preserve and grow his or her net worth over time. If appropriate, the child can eventually be named as a co-trustee. Taking this step can allow a son or daughter to take a more active role in managing the money inside of the trust. Ideally, the trustee will start to teach a beneficiary about basic money management concepts long before this actually happens.

A thorough estate plan can make it easier for heirs to get their inheritance in less time and with less drama. If assets are held within a trust, the beneficiaries may be the only people to know of its existence. Therefore, it is unlikely that a family member or other party will be able to challenge its terms. Beneficiary designations can also be used to help heirs receive assets in a timely manner.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Schedule A Free Initial Estate Planning Consultation

Bold labels are required.

Contact Information
disclaimer.

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.

close

Privacy Policy

6340 Sugarloaf Parkway
Suite 200
Duluth, GA 30097

Phone: 678-926-9284
Fax: 770-932-5195
Duluth Law Office Map