VanNess & VanNess, P.A.

How trusts benefit children of all ages

There is no magic age at which an individual in Florida or elsewhere becomes competent enough to handle money or other assets. Therefore, there may be no harm in leaving assets to an adult child in a trust as opposed to transferring them directly to that older son or daughter. By leaving assets in a trust, it can protect them from creditors or from being included in a divorce settlement.

While a person may hire a financial adviser, there is no guarantee that this adviser will be a good one. With a trust, there is someone who a parent already has faith in to manage the money left behind to future generations. It is important to note that the trust may be written in as narrow or as broad manner as an individual wishes. This means that the trust could allow for regular distributions to ensure that the child's needs are met.

The trust can also have a provision that allows all of its contents to be distributed at a predetermined date. This could be a certain number of years in the future or when a beneficiary reaches a certain age. It is also worth noting that parents may choose to put some assets in a trust and transfer others directly to the beneficiary if that is the best solution.

There may be many different strategies that a parent can use to leave assets to a child in a responsible manner. By putting them in a trust, it may be possible to keep them outside of an estate, which can protect them from outside interests. An attorney may be able to work with an individual to either review existing estate plan documents or to create new ones that best represent his or her final wishes.

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