When you pass away, you will likely leave money to your children. This money will help support them throughout their lives. As a result, it is important that this money lasts. Read on to learn more about when children can legally receive their inheritances and the benefits of creating a trust.
When Will a Child Recieve an Inheritance?
Passing away without a will is known as “dying intestate.” This means that your assets will be divided by the state of New York. If this occurs, your child will likely receive his or her full inheritance at the age of 18. If you do have a will but you do not include age restrictions in it, your child may also receive his or her full inheritance at the age of 18. For some people, this is not an issue, but some parents worry about their children receiving their full inheritances at such a young age. This fear is not unfounded- many 18-year-olds are not financially responsible or mature enough to handle such large amounts of money on their own.
What to Know About Trusts in New York
Luckily, you do have other options. One of the best ways to ensure that your child’s inheritance is safe is by creating a trust. In this case, you can put the money aside and allow a trusted third party to handle the assets until your child is of a certain age. You can also ensure that your child receives his or her inheritance in payments, rather than all at once. This can give you peace of mind and help ensure a safe and responsible future for your child.
If you have any questions or concerns about inheritances in New York, reach out to our firm. We want to help you create a cohesive and comprehensive estate plan that leaves you and your family feeling safe and prepared for the future. Contact us today to discuss your options.
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The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.