Family Estate Planning Attorney in Austin, Texas
How do I do estate planning for my minor children?
How do I do estate planning for my minor children?
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00:04
if you have a minor child
00:06
you need a trust you don’t ever want to
00:09
designate a minor child as the
00:11
beneficiary of something like
00:13
a life insurance policy or a brokerage
00:16
account
00:17
the reason is is because miners what are
00:20
they going to do how do they spend
00:22
a hundred thousand dollar life insurance
00:24
policy well they don’t
00:25
what happens is the probate judge will
00:28
have to take control of those assets
00:30
he will have to appoint and man a
00:32
guardian to manage the assets for the
00:34
child
00:35
the court will have to make sure that
00:36
that guardian is paid a percentage of
00:38
the assets
00:39
and they have to come back in once a
00:41
year and give an accounting to the judge
00:43
about every
00:44
penny that’s been spent as well as get
00:46
an approved budget for every penny going
00:48
forward for the next year
00:49
it’s time consuming it’s burdensome and
00:52
it’s expensive it costs
00:54
thousands of dollars to do that can all
00:56
be
00:57
easily avoided if you have set up a
00:59
trust for your children
01:01
you designate the trust as the
01:03
beneficiary of the financial assets
01:05
and you decide who you want to be the
01:07
trustee
01:08
to manage those assets for your children
01:10
until they turn
01:12
a certain age which you know and
01:14
guardianships for minors
01:16
they get access to every penny the day
01:18
they turn 18.
01:20
when we’re setting and designing an
01:21
estate plan we might
01:23
make it a little bit older than that so
01:26
those are the different types of things
01:27
that we decide
01:28
when we’re planning for a minor but you
01:30
never want to designate a minor as the
01:38
beneficiary
Austin, TX estates planning & probate attorney Kyle Robbins talks about estate planning for your minor children.
