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You have a good Will in place. It gifts all of your money to your children upon your death. You set up a Trust in your Will benefiting your kids until they reach the age of 30 because they are not quite financially responsible.

In addition to a size-able life insurance policy, you own several investment accounts. The accounts and life insurance policy have beneficiary designations which provide for payment to your children upon your death.

The problem – if your children are the designated beneficiaries on your life insurance and investment accounts then they will receive the money immediately upon your death – regardless of their age.

The solution – change your beneficiary designations on your life insurance and investment accounts to read “my estate” or leave the designations off entirely. The money would then be distributed through the Will and the Trust you set up for your children instead of given to them before you desired.

Excited to see you thrive –
 
~ The Allen Firm team | Your Legal Guides

PS.  Speak with your financial advisor about your beneficiary designations to make sure everything will pass as you planned. If you need a recommendation of some really good financial advisors in your area, then give us a call today.