For families with young children or grandchildren, special attention must be given to how assets will pass to minors.
If the child is under the age of 18, thought must be given as to how the child should receive the assets and who will be in charge of those assets.
If there is no provision in your estate plan, then the court will appoint a guardian to manage the minor’s property. But, often time, the guardian is not someone you would want. (think spendthrift son-in-law who is the father of your grandchild)
Another way of doing it is to set up a trust for minors and name an appointed trustee – someone you trust! And the trust can have manageable provisions, such as giving the trustee the right to make distributions to the minor for health, education, maintenance and support until such time as the child reaches a later age, typically 25 or even older.
Management for younger children is very important. It can keep them on track and provide for their education.
Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.