Although a child may inherit a gift made in a will prior to the age of 18, many parents feel that it is better to have a ‘trustee’ look after the money until a specific age has been attained.
A children’s trust can be set up to give the trustees certain powers and discretions over in managing the money or assets for the benefit of nominated children.
These powers and directions allow the trustee to apply income and capital for the benefit of named children usually for:
General Living [clothing spending money etc];
Education – Schooling and Training;
Education – Sporting [includes club fees, training and equipment]
Education – Life skills [driving lessons is an example]
Education – Experience [Clubs, travel and excursions are an example];
Assist in acquiring a car;
Assist in acquiring a house; or
Assist in setting up the house.
Many parents want to control when their children receive their inheritance as they believe that it may be better for the child to reach a certain age when they are able to accept the responsibility of managing their own finances.
Our children’s trust allows the Will maker to set the age when the child is to receive their inheritance.
Our children’s trust contains these provisions and more.
For further information contact our team on (08) 9368 1337
Information provided by Willcraft Estate Planning Pty Ltd, An Incorporated Legal Practice.