The four big questions for parents of children when estate planning are, who should be the Guardian? Who should be the Trustee? How should we give our money to our kids? At what age should I give the money to my kids.
Fortunately, we lawyers have worked out the answers that usually work best.
The Guardian is someone you trust to parent your children. Often a brother or sister who has kids. The Trustee is someone you trust to handle money and make decisions. We use a Trust to hold the money until the kids are old enough. We recommend giving the money to the kids between 20 and 35.