If you have kids around your house, you know how sweet life is around them. Their laughter and innocence brightens your day, and their love gives you a reason to be joyful. Children always offer a fresher perspective on life by looking at the world with their innocent eyes—often imparting wisdom in their naivety. You want to care for them forever, but you won’t be around until the end of time, will you?
When planning your estate, you may be wondering how best to transfer property to your child, grandchild, niece, or nephew’s name. You want them to have their share of your estate but you don’t want them to be irresponsible with it; especially if they are minors.
Of course, you want all this to happen seamlessly, without causing any trouble to your darling inheritor. To solve this problem, you can choose to create a trust for minor children.
Trust us; it’s not as complicated as it sounds. Read on to find out how a revocable trust in New York can be set up along with all its implications.