Minors as Beneficiaries
You have small children, just starting a family, or maybe your children are just entering high school. If you and your spouse could not be there to care for them, who will be and how will they be supported, so many expenses, so many needs to help them as they grow and mature? All the dreams you have for them. All the goals you want to help them attain. Weighty considerations. As a parent you know these concerns.
Except for a very small amount, minor children cannot inherit monies directly. They can be named on various financial accounts, be beneficiaries of financial accounts and life insurance, be named on the title of real property, but, until they reach the age of majority, in Oregon 18 years of age, someone must be appointed to manage that wealth, those assets for them, and use those assets for their benefit and on their behalf.
And turning18 is no magic step into maturity. Inheriting a large sum of money at that age likely will not have the outcome you hope for. This begins a series of articles addressing the ways in which you can designate your minor children and emerging adults, as beneficiaries of your estate, and provide the financial management as well as the trusted care and well-planned guidance needed to help them achieve 'maturity milestones' before a final release of the remaining funds.
Your Life. Your Legacy. Your Way. Teleconferencing Options for Estate Planning. Confluence Law Center here to help you at the confluences of your life. Serving Clackamas, Hood River, Wasco, Deschutes, Multnomah, and Washington Counties.
Confluence Law Center
24461 E. Welches Road, Suite 4
P.O. Box 964
Welches, OR 97067