Setting up a minor’s trust can help ensure the long-term security of your child or younger loved one. These types of trusts allow you to leave your property and other assets for your child or young relative while ensuring that the trust is properly handled by a designated trustee until the child is 18 or older.
Legacy Enhancement can administer your minor's trust providing professional management and investment with exceptional care and attention.
What Is a Minor Trust?
“Trusts for minors”, or minor’s trusts, are very specific types of trusts that are used to hold and distribute property or assets to minors. They typically provide instructions that the money or property assets will be held in trust until the minor reaches the age of majority.
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. 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.
How Do Minor's Trusts Work?
Legacy Enhancement can help you through the various steps of establishing a minor's trust, as well as assisting in the maintenance and administration of that trust. Our team 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.
As the custodian of a minor's trust, Legacy Enhancement can:
- Manage financial distributions for minors
- Help determine when beneficiaries will receive funds
- Help determine how funds will be allocated
- Work with you to create necessary trust documents
- Manage trust investments on your behalf
- Assist with 2053(c) trusts to avoid gift taxes
- Determine what will happen to the trust should the minor pass away
Call us at (817) 500-035 or get in touch with us online to learn more about how we can assist you with creating and managing a minor's trust.
Professionally managed and invested trusts
Capable of handling trusts of all sizes
Your family member or client will be cared for, no matter the size of the trust.
Ability to help maintain needs-based governmental assistance
Low trust establishment costs and maintenance fees