Why is a trust for minor children important?
Minors cannot legally inherit and own property without supervision beyond a minimal amount. It is important to set up a trust for your minor children to safe guard their inheritance. You can elect a trustee to manage their inheritance until a particular age, which you can designate, to distribute their inheritance.
Related Questions
- If a person or a couple does not have a lot of assets or any minor children, is a will or a trust still needed? Can some estates avoid an expensive probate even without a revocable living trust?
- What are the considerations in establishing an irrevocable trust for the benefit of ones children or grandchildren?
- Can a Testamentary Trust protect minor children?
