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Options for Leaving Property to Minors

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Minors cannot be given significant amounts of money outright. If you plan to leave a child more than a few thousand dollars, you will need to arrange for an adult to manage the inheritance. If you don’t make appropriate arrangements before you die, a court will have to appoint a property guardian or conservator. A court proceeding will be expensive, cause delay, and give you no choice in who is appointed to manage the funds.

Two effective ways to provide management for a minor’s inheritance are by naming a custodian pursuant to the Uniform Transfers to Minors Act (UTMA) or by setting up a trust in your will or revocable living trust. Two common types of trusts are the minor’s trust and the family pot trust. Here is a summary of the key features of each.

UTMA Custodianship

Minor’s Trust

Family Pot Trust

If you want to find out more, please contact us, we would love to help.

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