Trusts for minor children
If you have minor children then it is crucial that you make a will. Providing for the needs of your minor children in the event of your death involves two specific concerns; who will look after your children whilst they are young and the management of a trust fund for their benefit. It follows therefore, that two of the most important functions of a will is provision for minor children and the appointment of a guardian.
Leaving your assets in trust for the benefit of young children is sensible. You can decide when the children will inherit and who will manage the trust fund until that time (known as the trustees). The trustees will be responsible for investing the monies to the best possible advantage for the ultimate benefit of the children attaining a specified age, 21 years for example. The trustees can, however, be given powers to advance some of the monies before that age but with good reason, payment of university fees for example.
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.