CHILDREN’S TESTAMENTARY TRUST
If you have children, you will also want to create a trust in your will (“testamentary trust”) in the event that both you and your spouse die before your children have attained a certain age. Creating a testamentary trust in your will ensures your children will not receive a huge chunk of money before their prefrontal cortex (the part of the brain that is in charge of cognitive and executive functioning) is fully formed, usually around age 25. There is a reason you have to be 30 to be elected to the Senate! A testamentary trust is a loving, kind gesture to demonstrate your desire for your children to succeed and keep them from making really bad choices if you are not physically here to guide them while their brain is still developing the region that transmits goal-directed behavior. A trustee will be able to mitigate your children’s poor executive functioning and prohibit them from buying sports cars rather than college credits.
Your most prized possession is of course your child! In your Will you can also designate a guardian for your minor children in the event that both you and your spouse are deceased. This is a gut wrenching decision and of course no one is good enough to raise your child but you, however, you must make this decision otherwise the State will do it for you...remember what I said about Uncle Vinnie?