Should You Leave Your Children Your Estate if They Are Under 18?
Although you may plan to leave money or other assets to your children as part of your estate plan, considering their age is important when crafting that plan. Many people overlook the fact that minor children under the age of 18 cannot inherit property in their own name in California. Consequently, when leaving an inheritance to minor children, provisions need to be made to name an adult to manage that property for the children until they can legally do so themselves. Typical Ways That a Child Will Inherit Property Your child can inherit property in several different ways, either through a will, a trust, as the beneficiary of a retirement account or life insurance policy, or through money left for the child as a gift under California’s Uniform Transfers to…