A minor trust can help ensure the financial security of a young relative after you pass away. Since we cannot know how much longer we have with our loved ones, it’s in our best interest to plan for the distribution of our estates as early as possible.
The Benefits of a Minor Trust
With a minor trust, you may leave your property and other assets to your young relative who is under the age of 18. The trust will help ensure your assets are properly handled until the beneficiary is 18 or older.
The benefits of a minor trust include, but are not limited to, the following:
You can rest assured knowing your property and financial assets will be distributed appropriately to the minor until they come of age.
You know that your minor’s future will be a financially stable one.
You can determine what will happen with the assets in the trust should the beneficiary pass away.
You may be able to avoid gift taxes on the trust.
It’s appropriate for people of any age to begin the estate planning process, including establishing a minor trust for young relatives. Doing so will provide peace of mind, knowing your loved one’s future is secure, even after you pass away.
Our team at Legacy Enhancement Trust specializes in the establishment of trusts for those living with disabilities and special needs. We offer many of the same services as large financial organizations, but we provide a level of tailored service they cannot match.
Contact us today at (888) 988-5503 to learn how we can assist you.