A better option is to set up a children’s trust in your will and name someone to manage the inheritance instead of the court. … No annual accountings are required to be filed with the court and the guardian is not required to post a bond with the court. It is often chosen by parents who want to delay their children’s entitlement to their inheritance beyond … In it, you can direct that property slated for a young beneficiary must be managed until he or she turns an age you choose, through age 35. For example, you may require that a child receive a one-half of his or her share at the age of 25 and the remaining one-half at the age of 30. Why you need a trust There are many types of trusts. You should also not use this child’s trust to a beneficiary who receives government disability benefits—your gift would jeopardize the beneficiary’s eligibility. Revocable: Everything you state in the trust … Whether it's a child or a partner, find out how to disinhert someone today. But if the amount is significant (say, $10,000 or more), court approval may be required. It is called a living trust because it is created while the property owner, or trustor, is alive. A trust for a child usually ends when the beneficiary reaches a certain age, or, if the trust is for more than one child, when the youngest one does. It is my strong opinion that you should have both a will and a living revocable trust. Prior to the final distribution of the trust property to the children, the trustee may use the trust funds for the medical care, education and general support of the children. You … The guardian must file regular accountings and post a bond with the court. Even if you have assets you would like to pass to children, consider life insurance to replace the parental income that would have supported them to the age of majority. The trustee you name will manage and spend the property for the benefit of the young beneficiary until he or she becomes the age you specify. To create a trust, the property owner (called the "trustor," "grantor," or "settlor") transfers legal ownership to a family member, professional, or institution (called the "trustee") to manage that property for the benefit of another person (called the "beneficiary"). List out the child or children who will be the beneficiaries of the trust, by age, and list your goals for them. The trustee’s powers are listed in your will, and they give the trustee wide discretion to use trust assets for the basic educational, health care, and daily needs of the beneficiary. One of the primary advantages of a children’s trust is your ability to designate when the children will receive their inheritance free of trust. Many parents are surprised to learn how little control they actually have over distributions to their children if they do not include specific trust provisions for the children in their Will. 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