Leaving an Inheritance to Children

Let’s talk about leaving an inheritance to children. First of all, if you don’t say anything, no one under age of 18 can own property, so an inheritance to a child under that age is going to be held in a conservatorship or guardianship to be turned over to them at age 18. In a will or trust you can provide for money to be held by a conservator under something called the Uniform Transfers to Minor Act spent for the child’s benefit until an age you select somewhere between 18 but not more than 21, and turned over. Or you can exercise the most control, by having a trust. That enables you to choose the age or ages at which control of the money is turned over to the other person. It can certainly be spent for their benefit up until that point, but with the older and wiser trustee making the decisions, rather than the young person.