The Kid's Trust Attorney in Conyers, Georgia
Creating a trust for minors is an amazing way to plan for and protect your child's future. Through a minor’s trust, you can leave money, real property, and other assets for your minor children or young relative until the age of majority is reached. If you are considering a trust for your children, consulting with an experienced Georgia estate planning attorney is crucial for proper guidance.
At Sharline S. Green, P.C., I have devoted my career to offering outstanding legal services and personalized solutions to individuals and families in estate planning-related matters, including minor’s trust. I can help you understand how trusts for minors work and the benefits of establishing one. Using my extensive experience, I can seek to guide you through the legal process involved in creating a minor's trust and help you make intelligent decisions.
My firm – Sharline S. Green, P.C. – is proud to serve clients across Conyers, Georgia, and surrounding areas of Covington, Snellville, Lawrenceville, Greensboro, Atlanta, Oxford, Loganville, and Grayson.
Understanding Minor Trusts
A minor trust is a specific trust used to hold and distribute money, property, and assets to minor children. The person who creates the trust – the grantor, settlor, or trustor – usually provides detailed instructions regarding when the trust assets will be transferred to the minor beneficiary. In most cases, assets, money, or property will be held in trust until the minor child attains the age of majority, 18 years old, or even older.
Distribution of Assets
When you establish a trust for your minor child, you will name a trustee who will handle and manage the property and assets put in the trust until your child reaches the specified age. Whether you put property or other assets in the trust, the trustee will pass down the assets to your children when the specified age is reached; 18, 21, or 25 years.
Allocation of Funds
Allocation of funds or money put in the minor trusts involves writing checks to beneficiaries when the specified age is reached. When issuing a check to allocate funds, the trustee will:
Write the name of the beneficiary on the payee line of the check.
Write the purpose of the disbursement on the memo line.
Sign the check as a trustee.
However, trustees have a fiduciary duty to act under the terms of the trust. Hence, only authorized fund transfers must be made to the beneficiaries.
A Plan if the Minor Passes Away
Unfortunately, there are cases where the minor beneficiary doesn’t live long enough to receive the inheritance. If the trust includes provisions for the minor beneficiary’s death – for instance, an alternative beneficiary – the terms will prevail.
Conversely, if such provisions don't exist, the trust assets will be transferred to the decedent’s estate, where it will be subject to probate. An experienced attorney can help you outline a strategic plan for what happens to your minor trust’s assets should the beneficiary pass away.
The Benefits of a Minor Trust
Here are some benefits of setting up a minor trust:
It allows you to leave assets, money, and property for minor children.
It allows you to provide for your minor’s future needs.
It allows you to appoint a trustee who will help handle trust assets and prevent mismanagement.
It gives you peace of mind knowing your property and finances will be properly distributed to your children when the children are mature enough.
It gives you peace of mind knowing that your child will have a stable financial future.
It allows you to avoid gift taxes.
It allows you to determine what happens with the trust assets if the beneficiary dies.
Setting up a minor trust can allow you to enjoy all these benefits and more while creating a stable and secure financial future for your minor children. An experienced attorney can explore your available legal options and guide you through the process of establishing a minor’s trust.
How an Experienced Attorney Can Help
Planning for your child’s life and securing a future can never be too early. By setting up a minor’s trust, you can leave property, funds, and assets for your child until a future date. If you are interested in creating a trust for your minor children, consulting with a knowledgeable estate planning attorney is important for proper guidance and to help you navigate key decisions.
At Sharline S. Green, P.C., I have the expertise, diligence, and resources to help clients navigate the complexities involved in setting up minor’s trust. As your legal counsel, I can:
Evaluate your unique circumstances and explore your possible legal options.
Help you understand how trusts for minors work
Identify assets and property that you can put in the trust
Help complete the required trust documentations
Determine the distribution of assets, allocation of funds, and when beneficiaries will receive them.
Manage financial and property distributions for minors upon reaching the age of majority
Help decide what happens to the trust assets if the minor passes away
Also, I can seek to craft a strategic solution to protect your assets, property, and finances. I can help address your needs in a way that works best for you.
The Kid's Trust Attorney
Serving Conyers, Georgia
If you need assistance setting up a minor’s trust, contact my firm – At Sharline S. Green, P.C. – today to schedule a simple case assessment. I have the detailed legal counsel and brilliant advocacy you need to create a minor’s trust and navigate crucial decisions. My firm proudly serves clients throughout Conyers, Covington, Snellville, Lawrenceville, Greensboro, Atlanta, Oxford, Loganville, and Grayson, Georgia.