Why Trusts Are Ideal For Adult Children
You may believe that a trust is only worthwhile if you are leaving money or assets to a minor child or grandchild. However, they can be ideal even if an inheritance is meant for adult children as well. The language within the trust may make it possible to limit distributions or limit the reasons why money may be taken out of the trust.
Money Management Is an Acquired Skill
It is possible that your adult son or daughter will be increase their fiscal literacy after you pass. It is also possible that they will become even more reckless with their spending after you pass. Even if your children hire a financial adviser of their own, that person may not have the same ability to look over their assets as your chosen trustee does. By limiting how and when a beneficiary can access trust funds, you can protect that person from their own vices or impulses.
Funds Can Be Fully Dispersed at a Later Date
If you are worried about putting unfair roadblocks between your children and their trust fund, it may be possible to remove them at some point. For instance, you could say that your son gets all of the money within a trust when he turns 40. You could also say that your daughter gets her trust money after getting married or graduating from college. By this time, an adult child may have matured and learned how to manage his or her finances.
Help May Be Available to Create a Trust
An estate planning lawyer Las Vegas may be able to help a parent design a trust that meets his or her needs. Language may be as broad or as narrow as a person would like, which offers flexibility to account for a wide range of events that may occur as a child ages.