Estate Planning Attorney Of NYC
A minor child is under the age of 18. By law, any child under 18 cannot inherit property bequeathed to him or her whether or not there is a will in place, and such property will hence be put into a trust for minors or invested in the Guardian’s Fund by the court until the minor child attains the legal adult age of 18.If a decedent, by reason of his or her will, leaves property for minor children, then they would not have access to the property. Also, the guardian appointed by the court may not be the most preferred choice of the decedent for the kids, and for this reason, most parents now create trusts for minor children and name whoever they deem best fit to look after the trust and the kids until they reach 18. These trusts for minor children must be created with the assistance of an experienced trusts attorney.
As every family and child is unique, parents are faced with tough decisions in creating trusts for minors, and the following will throw light on some general issues.