Sample Trust Provisions For Minors
Description
How to fill out Trust Agreement - Family Special Needs?
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FAQ
A simple example would be the situation in which one member of a family advances money to another and asks the second member to hold the money or to invest it for him. A more complicated example of an implied trust would be the situation in which one party provides money to another for the purchase of property.
For example, a trust provision may stipulate that upon the death of the grantor, if all her children are over the age of 30, the trust assets are to be distributed equally amongst them, while if some are under the age of 30, then the trust does not terminate until the youngest reaches that age.
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.
The most common type of trust for children under 18 years of age is a custodial account. Custodial accounts are governed under the Uniform Gift to Minors Act (UMGA) or the Uniform Transfer to Minors Act (UTMA). UGMA lets minors own securities while UTMA lets minors own other kinds of property including real estate.
Incentive trusts are becoming a popular choice for parents of young children that want their children to achieve certain goals in life. Incentive trusts provide parents with the flexibility to set goals and appropriate rewards through distributions once a child reaches the goal.