Children are the future. If you have children in your life and your estate plan, you need to make provisions for their care, their future, and their inheritance. Do you know who would care for children if you cannot? Do you know how to preserve your assets for minor beneficiaries? Ms. Sherrell is familiar with guardianships, custodianships, accounts for minors, and trust provisions.
Name a Guardian for A Minor
When neither parent is able to care for a minor, a guardian must be appointed by the court to do so. Grandparents, or other close relatives, are often appointed as guardians. The sole place to nominate a guardian of your child is in a properly completed and executed will.
Grown Up at Age Eighteen?
The age of majority is a term used by lawyers to describe the age at which a child is considered an adult in the eyes of the law. 18-year-olds have the right to inherit outright, to make a will, execute a contract, and to marry. They have the right to make all their own health care decisions.
Custodians of Minor’s Accounts
Since Uniform Gifts to Minors Accounts and Uniform Transfers to Minors Accounts permit the young person to access their money at age eighteen, other options should be considered. Custodians may control assets for young adults. Trusts are another instrument to safeguard assets for young adults.
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Lynn Sherrell – Law for Everyday People