What is a Children’s Trust?

A children’s trust or a standby trust for minors can be set up to help manage the inheritance of a beneficiary who is underage.  If a beneficiary is not 18 or another minimum age chosen by the benefactor, a children’s trust can be used to designate a trustee who will manage the minor’s assets until a certain age.  The trust creator can choose at what age the child receives part of all of the inheritance and under what circumstances and for what purposes the child will access to the funds in the trust.

If you need advice about planning for the young people in your life, contact one of our experienced estate planning attorneys at (941) 906-1231.