Setting Up A Trust Fund For Your Children
October 14, 2015
No parents or guardians like to think about what would happen to their children and assets if something were to happen to them but, if you have been successful in life and collected numerous assets or wealth in Florida, you might want to consider setting up a trust fund for your children. Though this may seem like a simple procedure, there are some common mistakes that parents make that can create roadblocks for their family.
One of the first mistakes made is choosing the wrong trustee to be in charge of the trust. Picking a person to handle affairs in the event of your death is never easy, but it is important to choose someone who has everyone’s best interests at heart. You should be confident that this individual will fulfill your wishes. It is a great idea to appoint a trustee and co-trustee, to create a system of balance that will keep the two in check.
You should also consider how and when you would like your children to receive the funds. Perhaps a certain age or after specific criteria has been met. Some younger individuals are more responsible than others. You know your children better than anyone.
Many parents also make the mistake of not reviewing previous arrangements and beneficiaries after a trust has been established. Not doing so can create a conflict of interests that results in your desires not being met.
Creating a trust is a great way to insure that your children are taken care of well into the future, thanks to your success. If you have additional questions about creating a trust, speaking to an experienced attorney could be beneficial.