How Do I Protect Assets For Minor Son?

by Robert H

Question:

What is the best way to protect my home / money for my son, I was never married but have a 12 year old son, I want him to be in control of our home if I die early. How does this work with him being a minor.

Thank you



Answer:

Of course I can't give you specific legal advice, but it seems in your situation you could transfer the assets into a living trust. You could be the trustee and control the assets until your death; after your death you'd name your son as the successor trustee.

If he was still a minor at the time of your death, you would need to have someone else (maybe the custodian) act as the trustee until he reaches the age of majority. You could place limits on what that trustee can do with the property and other assets to insure it is only spent to benefit your son.

You'll want to have a living trust attorney prepare the trust so that the proper language would be used to ensure the assets can only be used as you want.