Estate Planning Lawyer
A will is an invaluable resource in ensuring that the assets that comprise your estate will go to the individuals and institutions you wish to benefit after your passing. If there is no will, the state’s default rules – the laws of intestate succession – will determine what individuals (family members of increasing remoteness) and will inherit your estate and in what proportions they will inherit. In some instances, it may be preferable to rely on intestate succession, thereby avoiding the cost and delay of probating a will in probate court.
For many people, however, a will brings both precision and peace of mind in the distribution of wealth, property, and heirlooms after death. A will is powerful and a flexible estate planning instrument that is capable of even regulating many distributions over a long time in lieu of a one-time bulk sum. The intra-will device that allows for this is what is known as a “testamentary trust.” If you have young children or relatives, a testamentary trust is something well-worth considering as work in consultation with an estate planning attorney to draft your will.
Planning for the Future of Young Children with a Testamentary Trust
Many generations from the 1980s to present have made different career and family decisions than the “baby boomers” and those that followed in the 1960s and 1970s—waiting until they were in their 30s or even 40s to begin raising a family. In other instances, there are children from a second or subsequent marriage to care for and support well after children from a first marriage have grown up, gone to college, and ventured into careers and family lives of their own.
Sound estate planning demands that you consider the prospect that you may lose capacity or pass on before your young children have become able to support themselves. In this scenario, it is worrisome to contemplate your child receiving a bulk some of money through either a basic will or the laws of intestate succession that he or she is not yet ready to handle responsibly. Fortunately, for both you and your child, a testamentary trust allows you to distribute assets in increments over until the he or she reaches maturity.
Careful Estate Planning Assistance
A testamentary trust is a tremendous estate planning resource. With the assistance of an experienced wills and trusts attorney, secure both peace of mind and the long-term financial stability of your intended beneficiaries.
If you need to set up a comprehensive estate plan or need to review the plan you currently have in place, contact a law firm today to set up a consultation with a seasoned estate planning lawyer in Fairfield County, CT.
Thanks to Sweeney Legal for their insight into estate planning and using trusts within wills.