One of the most important parts of the estate planning process is creating a plan to distribute your property and assets in a way that ensures your surviving family members will be well provided for when you are gone. This objective is particularly important when you have a child or children that have not yet reached the age of 18.

Many parents leave the assets directly to their children however, when those children have not reached the age of legal majority, their ability to own and have access to significant assets and property can be limited.

In addition, a custodian, or conservator will need to be designated to oversee the assets until your children reach adulthood.

Here are a few more considerations to keep in mind in the process of willing property or assets to children under the age of 18.

• Use a trust to transfer property. These types of accounts can simplify the process of transferring property to minor children, but they still require the oversight of a third-party trustee.
• Comply with all clauses of your divorce and custody decrees. If you have been through a divorce, it is important to ensure that the property you transfer to your minor child is in keeping with the terms set forth in your divorce and custody documents.

Do you have more questions about when and how to will property and assets to minor children? Call our office to schedule a free consultation today.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

Tags: minor children

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