A trust attorney at Nirenstein, Horowitz & Associates can provide you with advice on whether you can create a trust to accomplish your asset protection or financial planning goals. We can provide the insight that you need to make the right types of legal decisions so you and your loved ones will be as financially secure as possible and so you can protect your family and assets from an uncertain future.
Often, people begin to think about things like creating a trust, protecting assets and making an estate plan as they get older. However, you should not wait until you have become a senior before you take action to talk with a trust attorney at Nirenstein, Horowitz & Associates about the options available to you for asset protection. Not only can young people create trusts, but there are lots of reasons why it can make sense for young people to make effective use of this legal tool.
Young People Can – and Should – Create Trusts
Trusts can serve many different purposes, depending upon the kind of trust that you create. Because trusts can help you to protect your wealth, plan for incapacity and protect your family if something happens to you, they are a tool worth considering for people of all ages.
One reason why young people may wish to create a trust is if they have children who are under the age of 18. You want to make sure that your kids are financially provided for if something should happen to you. This is especially important when your children are young. However, you likely don’t want to just plan to allow your minor child to directly inherit all of your assets if something were to happen to you. It can be a problem when an inheritance is left to a minor child because the court may need to appoint a guardian to manage the assets and the court can remain involved in monitoring assets during the child’s life, which can be an unwelcome interference.
Allowing a minor child to inherit directly can also be an issue because when the child turns 18, the child would be handed money with no strings attached, which could be a big problem if the young person is not yet equipped to make responsible money management decisions. You may want a reliable person to manage the funds on the child’s behalf until the child is a little older or you may want to impose conditions like requiring the money be used for your child’s education or not given to your child until the child has a job.
You can use trusts to take more control over how an inheritance is managed for a child, to determine who will manage the funds until the child is old enough, and to set the type of conditions that you want to impose before the child actually inherits. And this is just one of many circumstances in which a trust will allow you much more power to ensure the effective management of the money that you are providing to the people you love. You may also use trusts to ensure that a spouse or other loved one can inherit more quickly if you pass away – which is important for young people who may need two breadwinners in the family – or can make sure that the assets held within the trust are appropriately managed if you became impaired and couldn’t take care of the assets on your own.
Getting Help from A Trust Attorney
To find out more about the trust creation process, you should join us for a contact us online today.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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