Trusts for Young Beneficiaries
Favret is here to helping protect inheritances for younger beneficiaries. While the law treats an 18-year-old as an adult, that doesn’t always mean they’re ready to handle a large inheritance. Without a plan in place, a young beneficiary can receive all their inheritance at once and use it however they choose — even if they’re not yet mature enough to manage it responsibly.
If you want to protect your young beneficiaries and make sure their inheritance is used wisely, you have several options. One of the most common is to create a trust. In your will, you can state that if a beneficiary is under a certain age (such as 25, 30, or 35), their inheritance will be placed in a trust.
You choose a trustee — someone you know and trust — to manage the funds. The trustee can use the money for the beneficiary’s care, education, and support until the age you specify. Once the beneficiary reaches that age, the remaining assets can be given directly to them.
Trusts created in a will are overseen by the probate court, which appoints your chosen trustee and requires them to file regular reports. Some people prefer this oversight because it adds accountability. Others prefer privacy and less court involvement, which can be accomplished with a living trust created outside of the will. In some cases, a custodial account may also be enough to meet your goals.
Every family’s situation is unique, and Favret Law can help you choose the right option to protect your loved ones and your legacy.
Plan Ahead for Your Family’s Future
Making thoughtful decisions now can protect your children and young beneficiaries later. At Favret Law, we guide families through creating trusts, wills, and other estate planning tools to ensure your wishes are honored and your loved ones are cared for.
Contact Favret Law today to schedule a consultation and start building a plan that gives you peace of mind.
