ANNOUNCER: I’m with Aesha Patel from Cohen Highley Lawyers. Is there anything parents with minor children should consider when it comes time to draft their wills?
AESHA: Definitely. If you have children under the age of 18, you should consider including a trust in your will that allows you to establish specific time frames for when the beneficiaries receive their inheritance. For example, parents will often want to wait till the child is 21 before they receive their inheritance. Or perhaps they may choose a Stage Distribution where they receive a part of their share at 21 and the balance at say 25 or some other ages.
ANNOUNCER: Now, what happens if the child needs money for say university or something else?
AESHA: The way that we structure our wills allows a trustee to have discretion to offer financial assistance as needed for post secondary education or other reasonable expenses to benefit the child.
