Colorado Estate Planning - Will You Disinherit Your Grandchildren by Mistake?
Most parents leave their estates outright to their children. They have language in their wills giving the share of a deceased child to the children of that deceased child if the child dies before the parents. But what happens when the parents die, giving the inheritance to the children, and then the children die later. In most cases, even if the children are well meaning, their inheritances will pass to their spouses. This is where problems begin. Even if you love your son-in-law or daughter-in-law, they may marry again or become ill or use all of the money. They may get manipulated into leaving money to other people at death, leaving your grandchildren out in the cold holding an empty bag.
This problem is easy to solve with a Bulletproof Trust. With proper trust planning, the funds left to a surviving child will remain in trust with all of the money available to your grandchildren when a child dies. All of the money goes to the children of that deceased child, (your grandchildren), and no one else. The ability of the Bulletproof Trust to keep family assets in the family blood line makes these types of trust extremely popular with our clients blessed with grandchildren. The use of a Colorado Living Trust with special Bulletproof Trust provisions is the answer.