As an Andover trust attorney, I’ve guided countless parents through creating comprehensive estate plans. While most understand the importance of having a will, many aren’t aware that this document alone may not provide the protection their children need. Trusts offer powerful benefits that go far beyond what a basic will can accomplish, especially for families with minor children.
The Limitations of a Will for Parents
A will designates guardians for your children and directs where your assets should go, but it doesn’t address several critical concerns:
- Your children could receive their entire inheritance at 18, before they’re financially mature
- Your estate will likely go through probate, which is a public, potentially lengthy, and costly court process
- A will provides limited control over how and when your assets are used for your children’s benefit
How Trusts Protect Your Children’s Future
Trusts provide solutions to these challenges by creating a flexible, private framework for managing your children’s inheritance:
Control When and How Children Receive Assets
I often recommend trusts that distribute assets in stages rather than all at once. For example, a child might receive portions at ages 25, 30, and 35, or upon reaching milestones like college graduation or purchasing a first home. This approach protects young adults from potential financial mistakes while they develop money management skills.
Provide for Special Needs Without Jeopardizing Benefits
If you have a child with special needs, a properly structured trust can provide financial support without disqualifying them from essential government benefits, which is something a direct inheritance through a will cannot accomplish.
Keep Family Matters Private
Unlike probate, which makes your will and estate details public record, trusts maintain privacy around your family’s financial matters and the inheritances you leave for your children.
Create Flexibility for Changing Circumstances
Trusts can include provisions for various life situations, such as funding education, helping with a down payment on a home, or covering medical expenses, all while protecting the principal for your children’s long-term benefit.
Common Trust Options for Families
As your Andover trust attorney, I can help you evaluate which trust structure best serves your family’s needs, whether that be a:
Revocable Living Trust: This tool provides lifetime control over your assets while avoiding probate and creating a framework for asset management if you become incapacitated.
Testamentary Trust: Created through your will and takes effect after your passing, a testamentary trust provides structure for how children’s inheritances are managed.
Specialized Trusts: These include educational trusts to fund schooling, special needs trusts for children with disabilities, or spendthrift trusts for children who may need help managing money responsibly.
Taking the First Step
Creating a trust doesn’t have to be complicated or overwhelming. Working with a knowledgeable Andover trust attorney allows you to create a customized plan that protects what matters most: your children’s future security and well-being.
Ready to move beyond basic will planning? Contact our office to schedule a consultation to begin creating a comprehensive plan tailored to your family’s unique needs.