Will With Trust For Minor Child
Description
How to fill out Florida Living Trust For Husband And Wife With Minor And Or Adult Children?
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FAQ
Therefore, if a minor is a beneficiary, their inheritance must be placed in a trust or custodial account. A guardianship or conservatorship can also be created, depending on the circumstances. Creating a trust for minor children's inheritances is one of the most common choices.
Minors, because they are not legally adults, are not allowed to handle their own legal or financial affairs, including receiving inheritances. Therefore, if a minor is a beneficiary, their inheritance must be placed in a trust or custodial account.
You can name a legal minor as the beneficiary of a trust. That's particularly important because, if you want to leave assets to a minor, a trust is how you'll do it.
Estate planning tools like wills and trusts are the best options for leaving money to your children because you can outline how and when your children will receive the money.
Consider a lifetime trust. First, if you give your children the right to withdraw trust money, it becomes their own money and is subject to their creditors as well as their divorcing spouse. Keeping the monies in trust for the child's lifetime will provide better liability protection.