Consider creating a common trust for your children

Instead of creating separate trusts for each child immediately upon your death, you may want to consider creating a common trust (pot trust) for your children.

When dealing with a common trust, the trustee can spend the trust money on any child that might need the money more than another. For example, perhaps one child is very wealthy and has no need for the inheritance. More commonly, you may have already provided for the college expenses of one child and perhaps your other children have not yet started college.

If each child takes a share immediately upon your death, some of the children may effectively be receiving less since they still have to pay for schooling etc. After the youngest child attains a certain age, your trust can then divide equally among the children. This is just one approach you might consider with your estate planning lawyer.

If you wish to discuss your estate planning needs, visit Santa Clarita wills and trusts lawyer Robert Mansour. Call (661) 414-7100 to make an appointment.