5 Best Ways To Leave Money To A Child

1. Trust

A Trust transfers assets into a trust agreement, removing them from your ownership. For instance, if you own a property, you can transfer its ownership to the trust. The trustee, responsible for managing the trust, can be yourself until you pass away, after which a successor trustee will take over. By avoiding probate, trusts expedite the distribution of assets to beneficiaries since the property is not in the deceased’s name. Trusts also allow you to specify how the trustee should distribute funds, enabling you to direct payments for your children’s expenses or give cash distributions, irrespective of their age. When planning your estate, wills and trusts are effective tools for leaving money to your children with specified terms. For minors, you can control how the funds are used, offering a level of asset distribution and management, ensuring efficient asset protection and flexible terms.

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