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There are a number of ways to dictate how your minor child’s inheritance should be distributed and managed. The simplest way is to draft a will that includes a provision asking the court to appoint your chosen individual as conservator. While the court would still need to formally appoint your chosen individual, absent problematic circumstances, your will will generally be respected.
A much better way is to create a testamentary trust in your will. This provision will create a trust for your minor child’s share of the estate to be managed and distributed as you state in your will. You can choose a trustee, who will manage the assets and be in charge of distributions; decide under what conditions funds can be spent on your minor child (for education, healthcare, athletics, etc.); and establish a timeline for distributions of the estate. This trust is created through the probate process, however, so a probate must be opened in order to establish operation of the trust.
A more efficient, albeit slightly more complicated option, is to put your estate into a living trust. The upfront effort to establish the trust usually pays off after your passing because the trust is already operational and does not need to go through probate to be established. Your trustee does not have to receive the authority to administer the estate from the court, they simply continue operating as trustee and follow the rules of the trust document.
The living trust operates essentially like a company, designed to manage and distribute your assets according to the rules that you law out in the trust document. You can make all of the above-discussed choices, as well as others, such as keeping funds for multiple minor children in a common pool of assets until they reach a certain age. This can be an extremely effective way to manage assets intended for minor children, and provide for them in a worst case scenario. Depending on the construction of the trust, there can also be significant asset protection benefits for your children as well.
If you have any questions about how best to conveniently and efficiently transfer your assets to your children, or would simply like to begin drafting your estate plan, please
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