Giving Inheritance While Living
Probate Lawyer: Why Giving an Inheritance to Children While Still, Living Is Essential
Leaving an inheritance to your children while they are still alive is a great way to ensure that your loved ones are cared for after you pass on. But if you don’t leave an estate plan in place, it’s possible that your children could end up with less than you had hoped.
In order to avoid this scenario, you should consider setting up a trust. A trust allows you to leave assets to your children, such as a house, while still having control over the funds. In addition, a trust can protect your children from creditors.
Similarly, a trust can also protect your assets from your spouse in a divorce. The rules of intestacy will determine how much of your estate will go to your surviving spouse and how much will go to your children.
Options to choose
When it comes to the best ways to pass on an inheritance, there’s no single right way to do it. It’s a good idea to do as much planning as you can, though. There are several options to choose from, including a will, a living trust, or a custodial account.
A Will will let you specify who will inherit your assets, as well as who will manage the money. Some people will open a joint account with a minor child, while others will buy savings bonds in their child’s name.
Using a living trust to pass on an inheritance can be a good idea. A trust can protect your assets, as well as outline budgeting for each of your children. It can also provide support to your children until they are adults.
Free consultation from one of the best Law Firms
If you have questions, you can get a free consultation with the Best Probate Lawyers.
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
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West Jordan UT 84081
|Named for||Joseph Fielding Smith|
|• Total||0.51 sq mi (1.32 km2)|
|• Land||0.51 sq mi (1.32 km2)|
|• Water||0.00 sq mi (0.00 km2)|
|Elevation||4,373 ft (1,333 m)|
| • Estimate
|• Density||945.10/sq mi (364.65/km2)|
|Time zone||UTC-7 (Mountain (MST))|
|• Summer (DST)||UTC-6 (MDT)|
|GNIS feature ID||1441035|
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