Trusts

PROTECTING YOUR CHILD’S INHERITANCE WITH A TRUST

National news-media outlets frequently seek to promote the virtues of creating a trust, or a combination of trusts, in an estate plan. Trusts are versatile tools, but not every estate plan requires setting up a trust. Creating and administering a trust can be costly. It is vital that your estate planning and trust lawyer has a full command of all the legal tools that are available to avoid costly mistakes that can adversely impact the well-being of your loved one.

A Trust May Be An Effective Tool To Provide For Your Children

When you work with Ketlinski Law Office, PLLC, in Meridian, Idaho, I will review your overall financial structure and your individual estate planning goals and explain whether a trust is appropriate to protect your family. Many parents of minor children decide to create an estate plan to protect their minor children should the unexpected occur. A parent can nominate a guardian in a will to raise his or her minor children should the parent pass away. However, a guardianship generally does not address the management of a child’s inheritance. When significant assets, or real estate including the family home are involved, it may be appropriate to address the inheritance with a trust.

I help individuals understand the legal options that may be available to protect children under Idaho law, including:

Creating a trust to manage a minor child’s inheritance
Special needs trusts to protect the inheritance of a child with a disability
Guardianships for minor children or disabled adult children
Conservatorships to address financial decisions

Creating a trust for a minor child can allow a parent to select who will manage a child’s inheritance. You may want your child to attend college — a trust can be used to pay tuition. A parent may have concerns that a child may mismanage an inheritance at the age of majority and create a trust to manage assets into the child’s adulthood.