In Massachusetts, young people under the age of 18 are not legally old enough to take title to assets that their parents leave to them. So, who manages the assets for them? Unless you decide in advance, a Probate Court judge will assign someone to do it.
In addition to choosing the right people to manage assets for your kids, it's important to choose how and when your children will eventually get them. Under Massachusetts law, young adults are legally entitled to receive them at age 18.
We can discuss options for transferring wealth to your children based on your family's values. This can help to minimize the risk of your children making unwise financial decisions, or opening your assets up to collection by third parties. Please give us a call to talk through some of these issues to ensure that your assets will pass efficiently and deliberately to your children.