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Estate planning lessons from a princess

Yesterday marked Prince William's 30th birthday. It also marked the day that his mother intended for him to inherit her estate. Before the late Princess Diana died tragically in a car accident in 1997, she made sure all her estate planning documents were in place so her sons would inherit the majority of her estate should she die early.

Many people through estate planning might think that they have to set up their estates so their children inherit their belongings or money when they turn 18, if their parents were to die before the children come of age. However, like with Princess Diana's estate, parents can set up proper planning where their children don't inherit any part of their estate until a specified age, later than 18.

This might be an important way for parents who might not think their children will have the financial know-how to inherit a large amount of cash or property at age 18. Sometimes it isn't that parents don't trust their children, but they want to make sure they've established their own lives before dealing with their parent's estate and the responsibilities that might come with it.

An experienced estate planning attorney can help those who want to establish proper estate planning for their children. This might include a combination of a will and trusts in order to accomplished a desired plan. Getting started at an early age is important to plan for sometimes unexpected events. Although it isn't always easy to think about or talk about, being prepared for what might happen can bring great peace of mind to parents.

Source: Us Weekly, "Prince William Will Inherit $15.5 Million on 30th Birthday," June 20, 2012

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