November 5, 2013 by generationsprobate
You’re working hard to give your family a good life. When you die, they are the ones you want to inherit everything you own. You can decide to put such conditions in your last will, but you also need to think of the possibility that you might die when your children are still minors and incapable of handling property.
Instead of direct distribution of your wealth to your heirs who might still be incapable of handling property when you depart, consider setting up a trust. A trust is an estate planning tool that allows you to entrust the management of your wealth to a person or entity temporarily. This way, you can make sure that your wealth will be properly distributed and managed at the right time.
The person or entity the state allows to manage your property when you’re gone is called a trustee. Unlike a will, which normally requires grantors to go through the long probate process, a trust will ensure that your heirs will immediately receive their share, yet temporarily through a trustee.
The terms of a trust can be included in a will. Meaning, you can write in your will your decision to set up a trust upon your death if you assume that you might die when your children are still minors. This is crucial since it will prevent the state from deciding over your property in case certain provisions in the will do not hold in the event of your death.