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A trust can help protect assets left to your children

On Behalf of | May 12, 2022 | Estate Planning

Working diligently at a job in Oklahoma can help you accumulate several assets. When this occurs and you have children, you’ll likely want to pass on your inheritance. Unfortunately, your wishes may not be fully met if you only use a will. Creating a trust can be a better way to distribute your assets to your heirs due to the stipulations you can provide.

Adding stipulations in a trust requires specific conditions to be met

Including a trust in your estate plan may be beneficial. While it might seem complex or only applicable to highly wealthy individuals, using this tool is an excellent way to add stipulations that must be met to receive the assets you’re leaving your children. When a trust is created, your personal property is retitled into the name of the trust. It becomes the property owner, reducing the assets held in your name and the value of your estate.

Offers easier access to minor children

When you want to leave assets to a minor child, they won’t be able to manage them, which means a court-appointed guardian would handle the inheritance if made under a will. Bypassing this process by using a trust allows you to designate a trustee to manage the assets and provide them to the minor child for necessary expenses and care.

Using a protective barrier when leaving an inheritance

Leaving your assets to children with alcohol or drug problems, an unfaithful spouse or an inability to manage money wisely may leave you concerned. Utilizing a trust in this situation is an excellent way to create specific stipulations that a trustee must follow. Doing so can help ensure your children are benefited by the assets you leave them.

Knowing you can leave your assets to your children and protect your wishes by using a trust should provide peace of mind. It should also increase the odds that the inheritance you provide won’t get squandered once your children receive it.