Uniform Transfer to Minors Act - Children's Trusts

As part of your estate plan, you want to consider the ways to give money to your children. During your lifetime, you or other members of your family can gift money to your minor children. Sometimes that money is placed in a bank account in the child's name and at age 18 the child can withdraw any and all of the money. For larger amounts of money, the Uniform Transfer to Minor custodian accounts are set up. Once funds are placed into a custodian account, the account can not be terminated. The child is entitled to all of the funds at age 21.

For significant transfers of funds to minors and to provide for a longer term, you want to consider a Trust for your children. The Trust provides flexibilty and longivity that most parents are looking for when they want money to serve for the support, maintenance and education of their children.

Consult with our office on all your estate planning needs.