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Saturday, October 17, 2009

Putting one of your children in charge of a trust for your other child

When planning how you want to leave your estate to your children, you might just feel that one of your children, though an adult, should not receive all of his or her inheritance at once. You certainly wouldn't be alone if you feel that way. There could be plenty of reasons why your child should not receive it all at once. He or she could be struggling with a gambling addiction, be vulnerable to being taken advantage of, or simply have spendthrift habits.

Regardless of the reason, think carefully before you make a Will in which you put a more responsible child in charge of the money for a less responsible child. Use common sense in thinking about how their relationship would change if one always had to ask the other for money, and that one often had to refuse the request. Would that really be workable and comfortable for either one of them?

Options might be putting a neutral individual (such as a relative or close family friend) in charge of the money, or using a trust company.

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