When in search of a beneficiary for land, such as a land trust, some people may consider having their children be their land trust beneficiary. Some people often ask the question: Should a minor be the beneficiary of a land trust? When it comes to your minor children, the answer to this question is, although it is really up to the person doing it, it is not recommended to have a minor child be a land trust beneficiary. Why? Because children under the age of 18 are not financially responsible.
However, if you would like to leave your property to your minor children if something happens to you before they turn 18, there is something you can do. There is something called a Minor’s Trust. A minor’s trust is a trust that can be left to your children with the exception of the land trust being placed in a trusted friend or family member’s name who is 18-years-old and older.
How a Minor’s Trust Works
When a parent chooses to leave property to their child or children in the event that something happens to one or both of them before the child or children are of age to take on the responsibility of a land trust, the parent or guardian can leave their property to them in their will and choose a close friend or family member to be the land trust until the child turns of age. Of age is normally 18-years-old but the parents can choose for their child to be older than that if they don’t think they will be able to handle it when they are only 18.
Until the child turns the age the parent chooses, a trusted and close friend or family member can be designated to keep the deed of the property until the child turns the age the parent chooses for them to be before they are allowed to have the property themselves.
Consider Other Options
First, before using a land trust, you need to find an attorney that can handle this type of thing. This is because the attorney is licensed to draw up the required documents for the purpose of a land trust. Before you decide on using a minor child, and it is recommended not to, you should consider any other options you do have. There should be someone you can trust to be the land trust of your property. A close friend or a trusted family member are two options to choose from and they should be considered before leaving this huge responsibility in a child’s hands.