As year-end approaches, many clients will resolve to tackle their estate plan in the new year – particularly those with young children . These clients of course want to take care of their family members, but are often not familiar with trusts, which are ideal for young beneficiaries. Every InterActive Legal drafting system includes trusts for minor children (and others), with a variety of options that we will discuss in more detail in this subscriber drafting webinar. Topics we will cover include:
• Comparing the use of a “pot” single trust versus separate pro-rata trusts
• The benefits of lifetime trusts
• How to terminate trusts at various ages, if desired
• Identifying beneficiaries, and what happens when a beneficiary dies
• Why the standard of distribution matters
• Naming trustees
• Adding flexibility to address unforeseen events
• And more
We will do our best to cover all options available for including trusts for minors as part of the estate plan, and take your drafting questions as well. Knowing the trust design options available in your system should help you better advise your clients as they consider estate planning in the new year.
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