The estate planning realm features tools of significant scope and variety that can be employed to promote fundamentally important goals of individuals and families.
Whether used singly or in concert, those tools can address and resolve key issues across an impressively broad spectrum. Estate planning concerns span matters ranging from asset preservation, heirs’ inheritances and charitable giving to lawful tax strategies, disability protections, probate avoidance and more.
One notably flexible instrument that provides a number of benefits for planners and their loved ones is a trust. We underscore a trust’s bottom line on our website at the established Bay Area estate planning Law Offices of Berge & Berge. We note therein that a trust enables a planner “to designate someone to hold and/or distribute property according to your wishes upon your passing.”
That is often a compelling concern for many individuals who have assets and are duly thinking about the future. It is an especially important consideration for families with young children.
A trust for minors is an on-point and effective planning tool that can be employed to keep assets safe and growing for children under 18 and distribute funds to them after they reach adulthood. That particular trust variant operates pursuant to a grantor’s understanding that adolescents likely lack the capability to adequately manage wealth while young. It places funds into the hands of a fiduciary trustee who will safeguard trust assets and later relinquish them to named beneficiaries according to stated instructions.
Such funds can be a lifeline for young people pursuing an education, embarking on married life, seeking to purchase a home, starting a business or needing help for other reasons.
Questions concerning a trust for minors or other trust offering can be directed to a proven estate plannig and administration legal team.