Would I need a living trust or what forms would I need?
A sensible way to transfer assets to children, in the event of your death, is through a revocable living trust.
Transferring assets to children through a last will generally gives the children assets at age 18, Most of my clients believe that children cannot manage assets at that age.
Another common way to transfer assets is a trust inside a last will. The assets can be held for a longer time period. However, you have to probate the will in order to get to the trust. A probate generally means extra time and costs.
A revocable (changeable) living (established during your lifetime) trust works well because it is set up during your lifetime, you can change it over time and it allows you to give your assets to children when you want and exactly the way you want.
You will need an estate planning attorney to draft the trust for you. The attorney will need to prepare a “pour over” last will as well as the trust to make certain all of your assets are controlled by the trust.
This answer does not constitute legal advice and does not and is not intended to create an attorney-client relationship. The law may vary depending on the state in which you reside. It is intended only to give some direction in which to seek assistance.
Circular 230 Disclosure: Pursuant to recently-enacted U.S. Treasury Department Regulations, I am now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.