How do Living Trusts provide for minors?
Most people agree it is unwise for a minor to receive a large inheritance. Using a Living Trust, an underage’s inheritance will remain in the trust until the underage child reaches the age specified by the Trustor(s) of the trust. For example, the Trustor(s) could choose 1/3 to be received at age 25, another 1/3 at age 30 and the remainder at age 35.
Most people agree it is unwise for a minor to receive a large inheritance. Using a Living Trust, an underage’s inheritance will remain in the trust until the underage child reaches the age specified by the Trustor(s) of the trust. For example, the Trustor(s) could choose 1/3 to be received at age 25, another 1/3 at age 30 and the remainder at age 35. Should a beneficiary need money for: • Health • Education • Maintenance • Support …the beneficiary may approach your appointed Successor Trustee who may disperse needed funds from the beneficaries share. The language of the trust is general to allow the Successor Trustee flexibility to accomodate for unforeseen scenarios. It is important, first, to pick Successor Trustees who are fiscally responsible and, second, talk with your Successor Trustees about what you consider needs for Health, Education, Maintenance and Support. Some people feel a trip to Disney Land qualifies as mental health!
