What’s the best way to handle a Will when you have both minor and adult children?
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What’s the best way to handle a Will when you have both minor and adult children?
I am attempting to prepare my Will (via software). I’ve put a flat dollar amount for my adult child and left the rest for the minors with custodian, assuming most of my assets would be needed to raise the minors. Does that make sense or is there a better way? I don’t want a trust at this time. I assume I would need to change the amounts several times as the minors get older so as not to shortchange my adult child.
Asked on July 14, 2012 under Estate Planning, Arizona
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I suggest that you consult with an attorney with respect to the Will that you wish to create as a safeguard in that Wills and trust attorneys are professionals experienced in a technical area of the law.
If you wish to go ahead and draft your own Will where you have adult and minor shildren, simply state in the Will that if any minor child inherits your assets in a stated amount his or her share will be held in trust for so long where you name your designated trustee under it.
You should also state what powers the trustee has in overseeing the resulting trust for the minors and how distributions can be made. The possible distribution of your estate in the event you pass in the relatively near future makes sense from what you have written.
However, you need to be specific with how any assets of a minor are to be used and by whom for their benefits. I recommend against a custodial account and suggest you meet with a Wills and trust attorney before you create and sign any Will.
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