Along with selecting a guardian for your minor children, you will also likely want to leave assets to your children and take care so that someone is carefully managing the assets that you leave. With proper estate planning techniques, you can ensure that your children will be taken care of and that they will be using the assets that you leave responsibly. If you have additional questions about managing assets for your children, consult with a qualified estate planning attorney.
- Some people choose to name a property guardian in their will. This person can be the same person as the guardian or a different person altogether. This person will be responsible for handling finances for your children. If you choose to select someone other than the physical guardian, make sure that both people will be able to communicate effectively on a regular basis.
- Others choose to utilize the Under the Uniform Transfers to Minors Act. This is valid in all states except for South Carolina and Vermont. With this option, you name a custodian who will be responsible for managing the assets for your children until they reach a certain age, which is 18 or 21. Youre able to outline these wishes in your will, but this should only be considered for smaller inheritances.
- Another option to consider is creating a trust for your children. You will include all assets that you wish to leave to each child in a trust. The trustee that you name will be responsible for managing the assets and following the rules outlined in the trust document. A trustee will have additional responsibilities besides managing assets such as filing tax returns for the trust and reporting to beneficiaries.
If you have any questions about managing assets for your minor children, consult with a qualified estate planning attorney.