Kiplinger’s Magazine has identified 10 common estate planning mistakes:
Number 5 on the list: Leaving assets directly to a minor without dealing with guardianship issues.
Who will handle the money for them? Define “for their benefit.” Does a new Escalade count, because the kids won’t fit in my Honda Civic? That phrase welcomes a whole host of potentially abusive interpretations.
In every last will I draft, I include a limited trust to address this situation. Otherwise, you build the need for en expensive Conservatorship litigation which includes attorney fees, bond costs, GAL expenses, as well as headaches.