Topics to address when setting up a trust for a minor

On Behalf of | Oct 26, 2020 | Trusts

In addition to the sheer joy of welcoming a child into the world, becoming a parent also comes with a certain level of added responsibility. Parents in Nevada who wish to better prepare to protect the future of their kids could benefit from exploring the available trust options in estate planning. It could also be essential to understand some of the topics to address when setting up a trust for minor children.

One topic to address pertains to how a child’s age might influence the process of asset distribution. Assets inherited by a minor may be left under the control of a guardian until the child comes of age. Even after one’s child has reached the age of adulthood, those who are just starting out in life might not always be capable of managing an inheritance. As such, taking steps to help protect their interests may be vital, even if it means protecting them from themselves.

Parents who have children of varying ages may also find it helpful to consider dividing trust funds into separate shares. With certain trusts, one could also have the option of setting terms that alter as children age, as this could provide a variety of potential benefits. Even if it might be difficult to consider, including terms as to what will happen should a child pass on could also be essential.

Addressing every topic and scenario while setting up a trust for minor children can be an intimidating endeavor. Those who wish to gain insight on how best to protect the futures of their kids through estate planning could benefit from seeking assistance from an attorney in the initial stages of the process. Such guidance could help provide a person in Nevada with a better understanding of how to create a plan that is best suited to meet the needs and interests of his or her kids.