Many parents or grandparents wish to leave a legacy behind for their grandchildren; however, if those children are underage, they may run into some problems. An estate planning attorney can help you determine the best options are for leaving assets to underage beneficiaries. An estate planning attorney can help you determine whether those assets are held in a Will or a Trust.
An estate plan should include provisions for underage beneficiaries and for incapacitated beneficiaries. These provisions may include keeping younger beneficiaries from accessing their full inheritance until they’ve reached a certain age, which is usually 25, or if the inheritance is large, distributing it over time beyond the 25th birthday. One reason these contingencies should be included is that when minors receive property as a bequest, an adult property guardian or conservator must be named and must report to the Court until the minor reaches majority.
If a significant amount of property is left to the minor, a Trust should be set up to manage the property until the child comes of age. In fact, Trusts can be used to ensure the minor only receives their full inheritance once they reach a certain age or milestone, such as graduating from college, while at the same time providing assets to make sure the child can achieve that milestone.
Do you wish to leave a bequest to a minor or young adult? We work with clients to develop estate plans that anticipate leaving gifts to minors or young adults through trusts in their Wills or Trusts and to ensure that the gifts are distributed according to their wishes. If you need expert advice in this area, contact Grissom Law at 678-781-9230.
Disclaimer This Blog/Web Site is made available for educational purposes only. In addition, it is available to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.