Can I Leave My Estate to a Minor?

Yes, you can leave assets in your estate to a minor. However, a minor cannot manage property or assets. Therefore, there are certain things that should be considered, and steps taken before you leave assets to a minor in your estate plan.

Leaving Assets to a Minor in Your Will

As noted above, minors cannot manage assets. Therefore, if you have certain assets you wish to leave to a minor child, you can do so but should appoint a guardian of the property to manage those assets on behalf of the child. Then, once the minor reaches the age of majority, those assets can officially pass to the child.

You can also designate assets to be given through a Uniform Transfers to Minors Act account. Money can be held in such an account until the child is 25 years old.

Leaving Assets to a Minor Via a Trust

A trust can be a good way to leave assets to a minor child as it gives you more control over how the assets are to be handled in the event of your death or incapacity. By setting up a trust, you would also appoint a trustee to manage the trust upon your death or incapacity.

A trust can be an important piece of a parent’s estate plan as it can allow you to distribute assets to your minor child with maximum control. A trust can also be used to hold onto life insurance proceeds for minor children.

Minors and Homestead Property

It is also important to note that in Florida, if you own homestead property and have minor children, there are restrictions on whether you can devise that property to anyone other than your children (or spouse).

Florida Estate Planning Attorney

If you are in Florida and are interested in discussing potentially leaving assets to a minor child, contact us today. If you are ready to get started on your Florida estate plan, you can do so here.