As a parent, your top priority is protecting your children—both now and in the future. But have you considered what would happen to them if something unexpected happened to you? Estate planning might seem like a task for later in life, but for families with young children, it’s an essential step to ensure their future is safe, secure, and financially supported.
At Campbell Law Firm, our experienced trust attorney in Tyler works with families every day to create smart, practical plans that provide peace of mind and security for the people who matter most—your children.
While many parents think a will is enough, a trust offers more control and flexibility over how your assets are managed and distributed. Children under 18 cannot directly inherit money or manage significant financial resources. Without a trust, the court may appoint someone to manage these funds, and that person may not be the one you would have chosen.
A trust allows you to clearly outline how and when your children will receive financial support. Whether it’s for education, healthcare, or general living expenses, a trust ensures that funds are available when they’re needed most—and that they’re protected from misuse. Read more in our article, What Can a Trust Pay For? A Guide for Trust Beneficiaries
A revocable living trust is a popular option for parents who want flexibility. You can manage and make changes to the trust during your lifetime, and if circumstances change—like the birth of another child or a financial shift—you can update it easily.
With a revocable trust, if something happens to you or your spouse, the trustee you’ve chosen will step in to manage the assets for your children. This means no lengthy court proceedings, and your children will have immediate financial support.
A trust for minors allows you to set specific terms about how and when your child will receive their inheritance. You might decide that funds should be used only for education until your child reaches age 25, or that they’ll receive small distributions at certain milestones—like graduating college or buying their first home.
You’re in control of the rules, and you can select a responsible trustee to manage the trust according to your wishes.
If you have retirement accounts, an IRA trust can help ensure that these assets are protected and managed properly for your children. Without this trust, a court may need to appoint a guardian to oversee the funds, which can be costly and time-consuming.
With an IRA trust, you choose who manages the assets and when your children will have access to them, protecting their financial future and maximizing the benefits of your retirement savings.
If ensuring your children’s education is a top priority, an education trust provides a structured way to fund their schooling. Unlike a 529 plan, which is specifically for college expenses, an education trust allows you to set broader terms. You can allocate funds for private school, tutoring, college tuition, and even graduate programs.
You also decide what happens to any remaining funds—whether they’re distributed to your children or held for future educational needs.
One of the most important decisions you’ll make when creating a trust is selecting the trustee. This person or institution will manage the trust’s assets and make decisions about distributions based on the guidelines you establish.
While it might feel natural to appoint a family member, it’s essential to choose someone who is financially responsible, trustworthy, and capable of handling this important role. Some families choose a professional trustee to avoid personal conflicts and ensure experienced financial management.
Every family is unique, and so are their estate planning needs. Working with an experienced trust attorney in Tyler ensures that your plan is tailored to your specific goals and family dynamics. Bradley Campbell and the team at Campbell Law Firm are dedicated to making this process as simple and stress-free as possible, guiding you every step of the way.
We’ll help you:
Life is unpredictable, but your children’s future doesn’t have to be. By working with a trusted legal partner, you can create a plan that brings peace of mind today and security for tomorrow.
If you’re ready to take the next step, our trust attorney in Tyler is here to help. Contact Campbell Law Firm to schedule a consultation and start building a plan that protects the people you love most.
Reference: Kiplinger (Nov. 18, 2023) “To Protect Your Kids, Consider These Estate Planning Steps"
