Protecting assets for your minor heirs can be a challenge.
If you plan on leaving assets to minors, you can leave it to the courts to decide on the best person to handle the funds or you can do it yourself through an estate plan, according to the Times Herald-Record in “Proper legal planning for minor beneficiaries.”
The best option may be to create a trust and to fund the trust with the assets you would like to leave for the minors. You can appoint a trustee of your own choosing to administer the assets for the benefit of the minors. You also can leave instructions about how and when the assets are to be distributed for the children. That does not have to be the moment they reach the age of majority.
An estate planning attorney can advise you on creating an estate plan that fits your needs and may include leaving assets to minor children in a trust.
Reference: Times Herald-Record (Feb. 1, 2018) “Proper legal planning for minor beneficiaries.”
