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 trust for your children can be set up in order to give the trustees certain powers and discretion’s 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 house.
Our children’s trust allows the Will maker to set the age when the child is to receive their inheritance.
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