Estate Planning Lawyer
When you create a will, you may be wondering what you can do with the property that you want to give to your children who are not old enough to manage them yet. Not all children are old enough or capable enough to manage property yet when someone is creating a will, so it is important to have a plan in place that redirects the property to be taken care of by someone who is responsible enough to do so until your child is ready. You may determine that when the child is 18 they are ready. Or, it is possible to have someone else legally manage the property up until your child turns 35. Attorneys know that especially when you are working with underage children, it can be difficult to determine what you should do when you want to leave them property but we are here to make this easier for you.
How to Choose a Trustee
When you want to name someone as the trustee, it means that you know they will be responsible enough to manage your property and assets when you are gone. Not only this, but you believe they will properly take care of everything on behalf of your underage child (the beneficiary). This is a huge role to step into and it is not easy to choose a trustee. There are a few things you will likely want to look for in a trustee:
- You can rely on them
- They are honest
- They understand how to manage these assets
- They do not live far away from your child[ren]
- They have your child’s best interest at heart
So, you may have a friend or relative who is great at managing property or is a whiz with finances who, overall, may make a good trustee. However, if they do not live near your children or you would not trust them to make good decisions on behalf of your children, they could still not be the right person for the job.
Naming Someone Else
So, you may feel a little “iffy” on your first trustee or would prefer to have a backup just in case anything happens. This is absolutely something we encourage our clients to do. Thus, you can name an alternate trustee. While you are not required to have one in place, it can make you feel more comfortable and it can make the process go much smoother if there are any issues when you pass away.
If you have any other questions about wills, trusts, or underage beneficiaries, please contact an estate planning lawyer, like from Klenk Law, for more information.