There is no such thing as a “Simple” Will.
When it comes to putting together a will, millennial’s are often looking for a “simple” solution. However, there is no such thing as a “simple” Will.
Without a trust, your children inherit assets at 18. Step back for a second the remember…what were you doing at 18? The reality is that young adults lack the maturity to handle such a life changing event. The result is they get taken advantage of and unfortunately some run into drug & alcohol problems.
Solution: Setup a trust.
A trustee can ensure that your kids and young adult children are taken care of. The trustee works with your children to develop an income flow that will meet their needs and preserve their trust principal. They can also teach financial responsibility and literacy.
To teach your children about being financially literate, check out this book “Raising Financially Fit Kids” by Joline Godfrey.
Elliott Levine is the President of Levine Financial Group in Toronto
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The above is an overview and is not to be relied upon for definitive legal, tax or planning advice. Consult with your lawyer to ensure your planning, wills and power of attorney are up to date. E&;OE