Trust or No Trust

[Lazarus]

I heard children (minors) are exempt from fingerprinting. Can anyone confirm?

Can a child be a responsible party? I dont think so but I dont know.

 

[gabulldawg]

Can a child be a responsible party? I dont think so but I dont know.

Well, no, not yet anyway. My trust is in flight but the way I understood it is if I wanted assets passed down to my (minor) children, list them on there but if they are not of age then they recommend I list an adult to "safekeep" them until my children are old enough to possess.

 

[gh1950]

Well, no, not yet anyway. My trust is in flight but the way I understood it is if I wanted assets passed down to my (minor) children, list them on there but if they are not of age then they recommend I list an adult to "safekeep" them until my children are old enough to possess.

That will only create a mess.

Minors can inherit property. In fact one of the compelling reasons to have a will is if you own real estate and have minor children and die intestate you have created a mess for all your heirs because the children will inherit a piece of the real estate.

If you want to leave an item of personalty to a minor (or even an adult), name a person to hold the item in trust until whatever age you want the heir to get it.

 

[gabulldawg]

That will only create a mess.

Minors can inherit property. In fact one of the compelling reasons to have a will is if you own real estate and have minor children and die intestate you have created a mess for all your heirs because the children will inherit a piece of the real estate.

If you want to leave an item of personalty to a minor (or even an adult), name a person to hold the item in trust until whatever age you want the heir to get it.

That makes good sense. Thanks for the advice.