Many factors can influence whether a parent wants to create an inheritance for their minor children. Oftentimes, parents want to plan ahead and ensure that their children have a successful future after they pass. However, deciding whether to leave an inheritance or not is a big decision that could impact an individual’s own savings plans. At Fout Law, we’re here to help parents understand the factors that can influence an inheritance and guide them to making a decision that’s right for them.
An inheritance is any assets that an individual leaves to another after they pass away. This can include things such as an individual’s property or money. Oftentimes, if a parent passes away while the child is still a minor, a designated individual, usually the legal guardian, will manage the inheritance until they reach adulthood. In addition, parents can leave instructions in their will for how this inheritance should be distributed and any necessary information relevant to the inheritance.
If you are creating an inheritance for a minor child, there are many factors to consider. Here are some steps you can take to make the process easier:
Typically in an individual’s will, they will specify who should manage the inheritance while the child is a minor. It’s important to name someone to manage the inheritance to ensure that the money is handled in a way that aligns with the parent’s wishes. In addition, it can help eliminate any confusion as to who’s responsible for managing the inheritance.
It’s important that an individual specifies exactly what should be left in the inheritance. This includes any money or property that should be included in the inheritance, including how this should be distributed if there’s more than one child. Being specific about the inheritance can help eliminate any confusion.
Individuals can decide whether they want to create a will or trust for their inheritance. A key difference between a will and a trust is that wills are part of the public record, while trusts are private. With a trust, individuals can specify when and how much inheritance a child should receive and protect their future finances. For example, if the child specified in the inheritance gets a divorce from their spouse later in life, a trust can ensure that the inheritance is protected from going to their former spouse.
At Fout Law we can help explain the various ways that individuals can leave an inheritance to their children. Deciding what to leave and how this should be distributed can seem overwhelming, but our team can help answer any questions you may have about leaving an inheritance.
If you’re ready to discuss creating an inheritance for your minor children, contact our team today. We look forward to hearing from you soon.
Many individuals can help themselves have peace of mind regarding their passing by creating a will. A will is a legal document that addresses a person’s wishes regarding how they…
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