How A Trust Allows You To Protect And Provide For Children, Even After You Are Gone
One of the biggest concerns among parents is what will happen to their children once they are gone. Regardless of their age, you want to ensure they are provided for and protected. While creating a will is a smart idea and allows you to leave them money, property, or other assets in the event of your passing, it fails to provide for any future needs. Creating a trust allows you to continue protecting and providing for them for years to come. Our Tampa trust attorney explains how it works and some of the key benefits.
Using A Trust Helps Protect Vulnerable Children Of Any Age
A will is one of the most basic but important estate planning tools. It conveys your final wishes, provides an inventory of all property and assets, designates beneficiaries, and helps in avoiding potentially costly problems in Hillsborough County Probate Court proceedings.
However, while a will allows you to make distributions to your loved ones in the event of your passing, it typically involves a lump sum payment with no provision for future needs. In contrast, creating a trust allows you to be more specific, detailing exactly how and when distributions are made. This can be important for parents, particularly in the following situations:
- When you have young children: A trust allows you to designate a legal guardian and parcel out payments for housing, food, clothing, education, and other needs young children have as they grow.
- When you have children with special needs: Regardless of their age, you want to be sure children with special needs are provided for properly. A trust allows you to manage how they receive their inheritance.
- When you have adult children with problems: You may be reluctant to leave money to children with drug, alcohol, and gambling addictions or other serious issues. A trust allows you to set certain limits and include provisions to avoid adding to their problems or wasting the money they receive.
Other Benefits of Creating A Trust For Your Children
Guidelines concerning estate planning documents in Tampa are listed under Florida Statutes. In addition to providing for vulnerable children and protecting their inheritance, creating a trust provides the added benefit of allowing you to continue playing a part in your child’s life long after you are gone. Common types of distributions you can include:
- Money for college and graduation gifts;
- Paying for their wedding or helping them purchase their first home;
- Helping them start a business;
- Making sure they have funds for needed medical care;
- Providing for the birth of grandchildren or other special events.
Discuss Your Options With Our Tampa Trust Attorney
As a parent, creating a trust not only helps protect vulnerable children but can allow you to mark major milestones and celebrate special occasions, long after you are gone. To discuss your options, contact Strategic Counsel Law Group, L.C. and request a consultation with our Tampa trust attorney today.