Oklahoma City trust attorneys help parents plan how they want to structure an inheritance they are leaving for children. Any parent providing money or property for kids needs to decide how best to structure the inheritance. Different options may be appropriate based on the child’s age, whether the child has special needs or challenges to face, or whether the child is disabled.
One option many parents take advantage of is the creation of a trust. Different kinds of trusts can be created to cater to different children and family situations. Parman & Easterday’s attorneys can advise parents whether creating a trust is the right choice and offer assistance with the creation of a trust that will be legally valid in the eyes of the law.
Our legal team can also provide you with guidance on all aspects of the estate planning process so you can ensure your children are protected. If you have questions about any aspect of your estate plan, we are here to provide knowledgeable and compassionate advice.
One question many parents ask when they decide to create a trust for their children is whether they should tell their children they have created a trust. This is a difficult and highly personal decision, but our legal team can help you understand some of the pros and cons as you make your choice.
Is a Trust Right for Your Child?
There are many circumstances in which parents should create trusts for their children. Our Oklahoma City trust attorneys will help you decide if any of these circumstances apply in your situation.
If your child is under 18 and you want to be sure your child will be financially supported if something happens to you, you should consider creating a trust. If you pass away when your child is a minor and leave money to your child directly, a court will appoint a guardian for the funds and this might not be the person you’d have preferred. You have no way of knowing if the funds will be used in the way you would have wanted.
Also, funds normally must be released to the child at age 18. This can lead to irresponsible spending. These issues can be avoided by creating a trust in which you name the trustee of your choice to manage and distribute these assets. This allows you to provide instructions in the trust on when and how your child will receive the trust assets and if any special conditions must be met in order to receive the inheritance.
Parents of a disabled child should create a trust to protect their child’s access to means-tested benefits such as Medicaid and SSI. And parents of a child who is irresponsible with money may wish to create a spendthrift trust.
Should You Tell Your Child You Have Created a Trust?
If you decide to create a trust for your child, you need to decide if you want to talk to your son or daughter about your choices. If your child is a minor, the child may not need to know about the trust until he or she is old enough to understand. If your child is an adult, telling your child you created a trust – especially if you did so because of concerns about irresponsible spending or drinking – could trigger family fighting.
Many parents worry that their children will lack motivation to work if they know they have a trust fund coming to them.
While there are downsides to talking with your kids about the trust you are creating, it is also helpful if children know what to expect when they receive an inheritance. If you talk with them during your lifetime about the decisions you made, they are more likely to understand and respect your wishes.
Getting Help from Oklahoma City Trust Attorneys
Oklahoma City trust attorneys offer invaluable help to parents during the estate planning process, including deciding on the right type of trust to protect an inheritance for a child. To find out more about how trusts work to protect a child’s inheritance, give us a call today at (405) 843-6100 or contact us online. You can also join us for a free seminar to get general advice about trusts and how they fit within a comprehensive estate plan. You want to do the right thing for your family, so give us a call today to get help finding out what options make sense for your situation.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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