Family law and estate planning frequently intersect in our practice, but no crossroad is more critical than a minor child inheriting wealth.
In most circumstances, the other parent gains custody of the child, along with control of the wealth. This outcome is not always ideal, in the case of deadbeat parents who have not maintained a relationship with their child, or those who would not use the assets properly.
To prevent this situation from coming to pass, parents should have a will stating who will be the child’s custodian in the event of death or disability. To ensure that your wealth is passed to your child and not put in the hands of an ex-spouse, a trust should be put in place with the minor child as the beneficiary. All assets the child will inherit should be placed into the trust, with a trustee who is appointed to safeguard the assets for the minor child until the time comes when it is appropriate to use them.
Take the proper steps now to prepare a will and trust that keeps in mind the best interests of the minor child and also shields your assets and wealth from abuse.
If you need assistance creating a trust, TAKE THE NEXT STEP and contact the attorneys at Gallagher, Westholz & Potter for a free case review.