Leaving Property to Young Children

Pasted by Brian Redhead

It's easy to arrange for someone to manage any property you leave to young children.

Most parents, at one time or another, give serious thought to what would happen to their children in the unhappy -- and very unlikely -- event that one or both parents die prematurely. Apart from the loaded question of who would raise the children , would they have enough money? And who would manage the money for them until they became adults?

Many parents don't leave money directly to their children. Instead, they leave everything to each other, with the understanding that the survivor will care for the children. They name their children as alternate beneficiaries. Many single parents, however, leave property directly to their children.

Either way, you should arrange for someone to manage whatever property they may inherit, in case they receive it while they're still too young to manage it themselves. You can take care of this in your will or living trust.

Click here to read more.