{"id":405,"date":"2013-09-30T20:26:35","date_gmt":"2013-09-30T20:26:35","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/?p=405"},"modified":"2024-10-03T22:17:17","modified_gmt":"2024-10-03T22:17:17","slug":"how-to-leave-your-property-to-young-children","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/how-to-leave-your-property-to-young-children\/","title":{"rendered":"How to Leave Your Property to Young Children"},"content":{"rendered":"

Introduction<\/h2>\n

Along with the joys of becoming a new parent also brings a new sense of responsibility, especially making sure that in case of a tragic accident your offspring would be taken care of physically and financially.<\/p>\n

Because current laws don\u2019t allow children to manage inherited property until they reach adulthood, you must first use your will or trust to name someone who will manage your property until your children become adults. There are several ways to structure a property management arrangement, Nolo\u2019s Encyclopedia of Everyday<\/i> Law<\/em> gives us the most simple and useful:<\/p>\n

1. Name a custodian under the Uniform Transfers to Minors Act<\/strong><\/p>\n

Arizona, along with 48 other states have adopted this law that allows parents to choose someone, named a custodian, to manage property you are leaving to a child. This person will have control of the property and when the child reaches your state\u2019s \u201cadult\u201d age, the child will receive what is left of the trust property outright. According to Arizona Revised Statutes 14-7651<\/a> an adult means \u201ca person who is at least 21 years of age. \u201c<\/p>\n

2. Set up a trust for each child<\/strong><\/p>\n

Parents use their will to name a \u201ctrustee\u201d who will handle any property the child inherits until the child reaches an age the parent specifies. When the child reaches that age, the trustee ends the trust and gives whatever is left of the trust to the child.<\/p>\n

3. Create a family trust for your children<\/strong><\/p>\n

Sometimes called a \u201cpot\u201d trust, parents set up one trust for all of their children.\u00a0 In your will you create the trust<\/a> and appoint a \u201ctrustee.\u201d The \u201ctrustee\u201d does not have to split the money accordingly to each child. They have the right to give each child what they decide is necessary.\u00a0 When the youngest child reaches the established adult age, the trust will end. The remaining property in the trust will then be distributed as the parents directed.<\/p>\n

4. Name a property guardian<\/strong><\/p>\n

If you do not wish to create a trust for your child, you can use your will to name a property guardian for them.\u00a0 If in the event of your death, your child needs a guardian, the court will appoint the person you named. This person will be in charge of your child and whatever property the child inherits until they reach legal adult age.<\/p>\n

If you are a new parent or a parent of many years and you haven\u2019t established a will or trust for your child, please speak with one of JacksonWhites\u2019 Estate Planning Attorneys today at (480) 426-8359.<\/p>\n

Call our Arizona Estate Planning team at (480)467-4325<\/a> to discuss your case today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Introduction Along with the joys of becoming a new parent also brings a new sense of responsibility, especially making sure that in case of a tragic accident your offspring would be taken care of physically and financially. Because current laws don\u2019t allow children to manage inherited property until they reach adulthood, you must first use […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-405","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nHow to Leave Your Property to Young Children<\/title>\n<meta name=\"description\" content=\"Because current laws don\u2019t allow children to manage inherited property until they reach adulthood, you must first use your will or trust to name someone who will manage your property until your children become adults.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/how-to-leave-your-property-to-young-children\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Leave Your Property to Young Children\" \/>\n<meta property=\"og:description\" content=\"Because current laws don\u2019t allow children to manage inherited property until they reach adulthood, you must first use your will or trust to name someone who will manage your property until your children become adults.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/how-to-leave-your-property-to-young-children\/\" \/>\n<meta property=\"og:site_name\" content=\"Arizona Estate Planning Attorney - 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