If you have minor children, then you need to plan your estate differently than you would if all of your children have reached the age of majority. This should be obvious. However, many people assume that they will not pass away before their children are grown and they make the mistake of not taking the age of their children into account in their estate plans. This is a common problem when people do not hire an attorney to assist in making their estate plans.
One problematic area of concern is with Revocable Living Trusts. A common practice is to list children as Trust beneficiaries and have the remaining assets in the Trust distributed to them as soon as the parents pass away. However, this does not work well if the parents pass away while the children are still minors. The children cannot receive the assets right away without the approval of a Probate Court. Of course, it is also probably not wise to let the children control the assets either.
The solution to the problem is relatively simple. You need to create a Trust that will last until your children are old enough to receive the inheritances and you need to have someone administer the Trust until that time. An attorney can help you to create that kind of Trust.
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