How Do I Protect My Children?
A simple will is not sufficient if you have minor children. If you leave your property outright to your minor children, a guardian will need to be appointed. That is expensive and the guardian appointed is very likely to be your spouse. You should have a trust set up in your will. The trustee whom you have chosen will manage your children’s estate until the trust ends at a time you have chosen.
If your children are over the age of 18, but you do not believe they have the maturity to manage an estate of your magnitude then a trust is appropriate. The test to decide if a trust is needed for your adult children is simple. If you are not comfortable with your adult children having the right to spend all of their inheritance before they reach a certain age, then a trust is needed for them in which you choose the time when they will have complete control over their inheritance. The trust can be set up to protect them from their creditors and in the event they have to go through a divorce.