Trusts for children & Minor Beneficiaries

Many parents want to leave assets to their children, to help them make their way in life and to pass on what they have worked hard for. If your children are under 18 when you die, you can leave assets in a trust, to be looked after by someone else who will make sure the fund is looked after. Your chosen trustees manage the assets in the trust by investing them appropriately and protecting them until the children are old enough to inherit. You can specify at what age you want your children to receive their money.

The trustees can advance money for the maintenance and education of your children, and may have to make decisions about when to hand out money and when to keep it safely in the trust for when the children are older. For this reason, it is important to choose suitable trustees who can handle the legal responsibilities and are able to act in the children’s best interests.

Trusts can also be used to provide for grandchildren or other minor beneficiaries, or for those who are vulnerable or disabled. Trusts protect the assets while making sure funds are available for the beneficiaries.

There are various types of trust in existence and it is important to choose the right one for your circumstances. Different trusts are taxed in different ways, and the trustees will be responsible for paying any tax due and complying with all filing and regulatory requirements.  Trusts can be created by will, or in your lifetime.

Find out more about Trusts here.

Find out more about Wills, Trusts and Probate here.

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You should seek specialist legal advice about the most appropriate type of trust, and the most effective way to make sure your wishes are fulfilled.