There is no easy answer to this question, because it always depends on your circumstances, but you may want to create a trust for the following reasons:
You get to pick the age your child inherits property – it could be 18, 25, 35 or even 50. Totally up to you. If you leave property directly to your child in your Will, they will inherit the property at 18. If you leave money to them with an UTMA account managed by a custodian, in DC, they will inherit it at some point between age 18 and 21 with no strings attached.
You get to decide what expenses will be covered by the Trust, such as living expenses, education, study abroad, internships, healthcare costs, etc.
On the flip side, you can decide when to withhold distributions, such as if your child fails to maintain a certain grade point average or complete a degree, or if there is a situation involving unwanted behavior (like alcohol or drug dependence).
Finally, you may have a situation unique to your family, such as family living abroad or a specific experience you hope your child will enjoy, that you can set aside funds to cover.
These options for customization (and more) are available in our Deluxe Will Plan, which includes a Testamentary Trust, and Living Trust Plan.
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