Will & Trusts Can Protect Your Children’s Financial Future

To ensure your children's future, you might want to leave financial security in your Will as a parent, guardian, or relative. It is important to carefully plan how you will leave an inheritance for minors in your legal Will.

Sometimes, parents or guardians may misuse the funds of their children for their ends or disregard their child's feelings. A testamentary trust fund is a way to ensure that minors inherit the rightful inheritance until they reach adulthood. If you want to know more about will & trusts then visit http://gklawgroup.com/.

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Testamentary trusts give you more control over how the funds are distributed and handled. No matter the age of the inheritor, you can choose how much and when the money is received. It is up to you to decide if you prefer to spread the money over a longer period or give a lump sum to the minor when they turn thirty instead of 18.

You will need a trustee for any testamentary trust. This can be an individual, a bank, or a company. The account will be managed by the trustee. Your judgment is final. You can also include additional guidelines for trustees to follow such as investments or how to use the funds.

You may decide, for example, that the minor can only receive a specific amount that is used exclusively to pay college tuition. The trustee would have to enforce these rules. The trustee can also be appointed by the person he or she chooses, and there is no need for court supervision. This saves money on legal fees that could cut into the inheritance.

Louisiana laws govern the disbursement and administration of minor funds. The court will select a tutor to manage the minor's assets up until the time he or she turns eighteen if your Will does not contain trust. Here is where things get tricky.