This article brought to you courtesy of Paula Walker of Confluence Law Center, Gresham Outlook Insider Estate Planning Expert.

Paula Walker

You may be a parent, grandparent, aunt, uncle, etc. and you want to leave some of your legacy to a minor child. How do you go about doing that? Minors, children under the age of 18, can receive a very small amount of money outright.

Minors can receive or be a joint owner of a variety of financial assets as well as real estate. However, they cannot conduct business with, manage, or access these assets on their own. They must have an appointed custodian to manage such assets on their behalf.

Assigning who is to be the custodian is of concern for anyone leaving an inheritance to a child. You may or may not want the child's legal guardian to be the custodian of the assets you leave, for a number of valid reasons. Among them, perhaps the guardian is not good at managing money, or accounting, or investing the money prudently; or this is too much of a burden to ask of someone to be both guardian and custodian. Then again, in other cases, it is a natural fit for the guardian to also be the custodian.

If you are a parent then, or a current guardian for a minor, or planning to leave something to a minor, use your estate plan to appoint the proper succession of persons carry out your wishes.

Children are a treasure, a gift onto themselves. And gifting to them takes specific accommodations in your estate plan if you want the ease of mind that what you are leaving will go as you intend, managed by whom you intend, for whom you care.

Your Life. Your Legacy. Your Way.

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