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Choosing Among Property Management Options
For each minor or young adult to whom you leave property through your WillMaker will, you must decide which management approach to use: the UTMA, a child’s trust, or the pot trust. This article helps you decide which is best. Using the UTMA As a general rule, the less valuable the property involved
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Property Managers for Young People's Property
When making a will using WillMaker, you’ll have a chance to set up property management for your young children as well as for any other young beneficiaries of your will. Types of Property Managers in the WillMaker Will There are four types of property management you can set up in Nolo’s will, and
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Examples of Property Management
Here are some examples of how WillMaker's property management options might be selected. The following scenarios are only intended as suggestions. EXAMPLE 1: Married, adult children age 25 and older. You want to leave all your property, worth $250,000, to your spouse and name surviving children as alternate
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Management for Property That Does Not Pass Under Your Will
The UTMA, child’s trust, and pot trust are good management options for property that minor or young adult beneficiaries receive under your will. However, if you have minor children and they receive property of significant value outside of your will, a court will usually have to step in and appoint
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Management for Property That Passes Under Your Will
WillMaker offers three approaches to property management for property that passes to minors under your will: the Uniform Transfers to Minors Act, an option in all states except South Carolina the child’s trust, an alternative to the UTMA, and the pot trust, an option if you have two or more children
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Providing Property Management, For Whom?
When you make your will with WillMaker, you will have a chance to set up property management for any young beneficiaries who might receive property under your will. If you choose to set up property management, you will name trusted adults to look after the property on behalf of the beneficiaries until
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Should You Provide Property Management in Your Will?
After you have decided who will get your property, WillMaker asks you whether you want to create property management for young beneficiaries. First, consider whether any of your beneficiaries need someone to manage the property for them. For example, think about each beneficiary's: age maturity relationship
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Creating a Child's Trust in Your Will
When you make a will with WillMaker, you can set up property management for young beneficiaries who cannot or should not receive the property outright until they are older. One of your options for property management is to create a child’s trust for your minor beneficiaries. A child's trust is a legal
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No Trust or UTMA for Children With a Pot Trust
If you’ve left everything–-or nearly everything--to your children in a pot trust, do not set up a child’s trust or UTMA for your children. If you've set up a pot trust, the terms of the pot trust apply to all of the property your children will receive under your will. No other property management
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The Uniform Transfers to Minors Act
The Uniform Transfers to Minors Act (UTMA) allows you to name a custodian to manage property you leave to a minor. The management ends when the minor reaches age 18 to 30, depending on state law. The UTMA is a model law proposed by a group of legal scholars—and states are free to adopt it into their
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Using a Pot Trust for Young Children
When making your will with WillMaker, you can use a pot trust if you: have more than two children one of your children is under age 25, and you leave your entire estate to your children. The pot provided in the WillMaker will is a legal structure that will take effect if any of your children are under
