Interviewer: Should you consider having a trust when you have minor children?
Becky Cholewka: That’s a great question. I have a four year old. One of my greatest concerns with is if something should happen with my husband and I, is leaving monies with my child that are protected. As a four year old I don’t want to have to go through and have a guardianship through the probate court appointed over him to manage his money.
It’s going to be easier to leave it in a trust and to ensure that he doesn’t get a lot of money when he turns 18. Some of the great planning with a trust is you can stretch out any types of monies you want to leave to your children. The statistics of how quickly people burn through their inheritances goes way down the younger the child inherits the money.
Trust planning is great for that.