You can delay distribution until your children reach a certain age. You can have periodic distributions during your children’s lives at specific ages or one payment to your children when they reach a certain age.
Many parents create an educational trust on their passing. An educational trust will place your children’s share of your estate into a trust to be used for their education. Your children’s educational expenses could be paid for from this trust. Education expenses can include: books, fees, transportation costs, tuition, and living expenses. You can determine what expenses you wish to paid for regarding your children. When your children turn a certain age, they would receive any remaining balance from their share of the educational trust, as you decide.
If you delay distribution to your beneficiaries, there will be administration expenses for the length of time the trust is open.
If you have questions regarding what is best for you or for your family we would be happy to help you. Please give us a call us at (619) 588-2828.
Note: The above is general information and you should consult with an attorney to answer your personal questions and to have your estate plan drafted.