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You may leave
your estate directly to your minor children. However, before they reach
the age of 21 years old, any such inheritance will be managed by a custodian.
This custodian is usually either the surviving parent or the guardian.
Should you wish to provide for your
children over an extended period of time, a trust for your children can be
incorporated into your will. Through
the assistance of your Singapore wills
lawyer, the inheritance will then be held by a trustee for your children
until such time when they reach 21 years old, or whatever age you deem
appropriate. The trustee may also be empowered to use a certain portion of your
estate for your children’s education, medical expenses and/or maintenance
according to your instructions. Your wills
lawyer will be able to advise you on this process.
In leaving
your assets to your minor children, it is also recommended that you
name at least two Executors/Trustees in case one of them is unable to act for
whatever reason. These Executors/Trustees would then be able to administer or
hold any assets, or utilize any monies for the benefit of the minor children.
You may wish to seek legal advice from a Wills and Estate lawyer from one
of our leading law firms, Gloria James-Civetta & Co.
At Gloria James-Civetta & Co, our Wills
and Estate lawyers will share their extensive experience and assist you
in a friendly, no nonsense manner that you can understand and trust when it
comes to matters of wills &
inheritance.
Should you have any queries or should like to seek
legal representation, kindly contact us
at 6337 0469 or email us at consult@gjclaw.com.sg.
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