Houston Estate Planning and Elder Law Attorney Blog
It is natural to want to set your children up for success after you are gone. How does naming children as beneficiaries to an estate plan work? How does the process look different if the children are minors? These are important questions to consider. On today’s blog, we explain how to effectively and legally name minors as beneficiaries to an estate. As always, though, if you have questions about how this topic applies to your specific circumstances, contact a Houston estate planning attorney you can trust.
Naming Minors as Beneficiaries
The first consideration to keep in mind is that under the law in Texas, minors are unable to own property or receive assets. If a decedent names a minor in his or her will, then, the court will require the minor to have a guardian to take control of the inherited assets. The guardian will continue to have control of the assets until the minor turns 18. Having the court appoint a guardian for a minor can take considerable time, and we recommend trying to avoid court intervention in this way if at all possible.
Establishing a Trust
To avoid the court-appointed guardian process, which can require considerable time and money, it is more efficient to leave behind assets in a trust. If a minor inherits assets from a trust, the trustee distributes funds according to the instructions the decedent laid out. These instructions can be as tailored and specific as you want them to be, and they can allow your minor child to continue to benefit from your estate in a responsible, efficient way.
An added benefit of the trust is that it avoids probate, meaning beneficiaries can inherit the assets without needing to go through a long, drawn-out, costly process in the probate court. The terms of the trust can also remain private, instead of needing to go through the public process of probate proceedings.
There are several different kinds of trust that you can establish for your minor children, and figuring out the best option for you and your family often requires speaking with an experienced estate planning attorney. The attorney you choose should be able to carefully look into your situation and advise you on what would make the most sense for you and your loved ones.
Contact McCulloch & Miller for Your Estate Planning Needs
If you are looking for a Houston estate planning attorney to walk you through your options, give us a call at McCulloch & Miller. Our decades of experience in the field translate into client-centered, expert, and empathetic representation, and we are committed to helping our clients achieve their goals. No matter what part of the estate planning process you are navigating, know that we are here to help.
To set up a consultation with a Houston estate planning attorney from our firm, call McCulloch & Miller today at 713-597-7176. You can also fill out our online form, and an attorney will reach out to talk with you about the details of your case. We provide a vast array of legal services related to estate planning, probate, trust administration, special needs planning, elder law, and more.