Trusts for children
Many parents want to provide for their young children in the event of an untimely death and as such one of the first decisions that need to be made is how old the children must be before they can inherit.
A trust will invariably be created in the parent’s will stating that the children can inherit when they are 18, 21 or even 25 years. The assets will then be held by the trustees on behalf of the children until they reach the specified age. In doing so, this allows the assets to be properly managed for the benefit of the children until they are old enough to legally take possession of the trust funds. The trustees will however, have powers to use the funds to benefit children during their minority for example the payment of school and university fees.
For anything further, one of our specialists would be delighted to meet you either in our office or in your own home to talk through your requirements and answer any questions. Please contact us at any time.