If you have children and you’re thinking about the topic of Estate Planning, you are likely thinking about how to “set them up for success”.
Clients often express that if they are to pass away, they want their children’s caretakers to have access to money for the children’s day to day care needs and they also want to ensure their children have access to money for their health, wellbeing, and education.
Some clients want to help their children with major life expenses like purchasing a home or having a wedding.
Many of my clients are explicitly clear that they do not want their children, while they are young, to have access to inherited monies to buy expensive cars or things one might consider luxury items.
Fortunately, there are ways to put bounds and limitations on the availability and use of monies by setting up Trusts.
Setting up this type of structure, with very clear guidelines in a Trust will help avoid miss-communications and headaches.