Tuesday, June 16, 2009
Parents, Children, and Trusts
When I work with parents who have young children, I usually recommend that they create a testamentary trust. This is a will, but it also has a trust embedded within it. If both parents die (or the parent in a single-parent home), a trust comes into existence. There is a nice summary of why a testamentary trust works well for families with young children on a web site I monitor. As always, it is best to consult with an attorney before creating any documents. Usually, if you take the time to explain your situation to a professional, and you'll be pleased with the end result.