KIMT News 3 – Actor, Philip Seymour Hoffman left no money to his children in his will. He claimed that was so they did not become trust fund children. Many still wonder if that was the right thing to do.
A local attorney says there is a way to get around those concerns.
“One of my favorite provisions is the dollar-for-dollar approach where you leave the money in trust, and once the kids become adults, they get one dollar for every dollar of income they earn,” said Dave Forman with Baudler, Maus & Forman, LLP.
He said that it is common to do what they call an “I love you” will. That is where you leave all the money to your spouse, like Hoffman did. He said it is still an unusual situation.
“The most common will that I do, is what we call a simple will with trust provisions. In other words, we leave everything to the spouse, but then we put provision that if it goes to the children, everything is held in trust until they reach a certain age,” Forman said.
He said as far as updating your will, they recommend the three d’s: divorce, death and decade. If none of the first two things happen, update it every ten years.