Children's Trusts
Special attention is also needed as soon as there are children involved. Often such trusts have clauses that deal with this specific issue.
Normally a provision is used, that creates a separate trust for each minor child upon the death of the grantor. The clause ensures that all trust property that is meant to be given to a child is transferred in the child’s trust. Another clause usually stipulates an age limit.
In most cases legally binding management instructions for the trustee are outlined within this section. These guidelines ensure that the trust funds are administered according to the deceased’s will.
As an experienced trust lawyer of Sacramento I also regularly advise a section that prohibits the voluntary or involuntary assignment of any interests that the child’s trust property may generate. Finally the whole section is usually completed by provisions, that regard the compensation of the trustee and the termination of the child’s trust.
Instead of naming your children as beneficiaries of your trust there is the possibility to make use of the Uniform Transfers to Minors Act (UTMA). The UTMA is a model law, that has been adopted by all states but South Carolina and Vermont. The advantages of using the UTMA are outlined in the respective chapter below.
Normally a provision is used, that creates a separate trust for each minor child upon the death of the grantor. The clause ensures that all trust property that is meant to be given to a child is transferred in the child’s trust. Another clause usually stipulates an age limit.
In most cases legally binding management instructions for the trustee are outlined within this section. These guidelines ensure that the trust funds are administered according to the deceased’s will.
As an experienced trust lawyer of Sacramento I also regularly advise a section that prohibits the voluntary or involuntary assignment of any interests that the child’s trust property may generate. Finally the whole section is usually completed by provisions, that regard the compensation of the trustee and the termination of the child’s trust.
Instead of naming your children as beneficiaries of your trust there is the possibility to make use of the Uniform Transfers to Minors Act (UTMA). The UTMA is a model law, that has been adopted by all states but South Carolina and Vermont. The advantages of using the UTMA are outlined in the respective chapter below.
