If the example below applies to you then you must adopt a trust or a will to solve the problem and protect your loved ones. If you know somebody who might be subject to the example below please forward this message to that person.

Example 3

All of Joan’s property including her retirement plan is worth $500,000. Joan has one child, Allie, who is five. Joan dies. Allie inherits everything. This creates two problems: (i) Allie is a minor so she cannot deal with her inheritance so the family must pay $3,500 or more to hire an attorney to file a lawsuit asking the court to appoint a conservator who has the duty to manage Allie’s assets until she is 18, and (ii) when Allie is 18 she will have total control of her inheritance.

It is not a good idea to give a young person control of a lot of money. The problem illustrated by this example arises frequently when a parent has life insurance that could go to one or more minor children. You don’t want an 7 year old to inherit $100,000, $500,000 or more of life insurance that will become owned and controlled by the 7 year old when he or she becomes 18.

Solution: Joan should have created a trust that named Allie as the beneficiary and a trusted family member or trust company as the trustee to manage the assets. The trust could make Allie the trustee when she is older and wiser.

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Our two estate plans described in detail below give you the option to pick the plan that is best for you.  Our estate plans are:

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