Thursday, December 30, 2010

Estate Planning Mistakes - Number Ten


Many Wills unfortunatly fail to provide appropriately for minor beneficiaries. How do you want the property left to minors handled? The guardian named over the person of the child does not necessarily provide such guardian with rights to administer the assets left the child.

1. Do you want a minor child to get all assets left to him/her at 18 years of age? If yes, then name a guardian of the property.

2. Do you want a minor child to get all assets left to him/her at 21 years of age? If yes, then name a custodian of the property. Not only is the age higher but there is more flexibility provided a custodian.

3. Do you eant a minor child to get all assets left to him/her over a period of time beyond 21? If yes, then a Trust would be best. The terms and conditions of the Trust could be whatever you desire in the best interest of your child. The ages could go well into adulthood.

Contact us at http://www.ythlaw.com/ for expert legal advice.

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