Minor’s Trust Attorney in DuPage County
Effective Legal Counsel to Care for Young Children in Western Cook County
Part of a good estate plan is to ensure that children under the age of 18 are cared for following an estate guarantor’s passing. At AvoidProbate, our DuPage County minor’s trust attorney can guide you through the legally complex and nuanced process of funding a specialized trust for your young family members. We offer flat-fee pricing to give you the counsel and guidance you need to move forward with your estate plan.
Why Form a Trust?
It is a well-known fact that children under the age of 18 cannot legally own assets. They are not able to open a bank account or buy stocks in their name. This doesn’t stop parents, grandparents, or other family members from giving money or assets to a child, usually through custodial (UTMA or UGMA) accounts. However, these accounts can be dangerous.
Any assets in a custodial account will automatically transfer to the child when they reach the age of majority (18 or 21). This means that if the child is in financial trouble or has substance abuse problems when that transfer occurs, having money to their name could hurt them in the long run. The solution is to work with one of our attorneys to prepare a 2503(c) minor's trust for each child.
A minor’s trust can be structured to hold assets until a child is well into adulthood. An added benefit is that the trust doubles as a way to reduce the parent's or grandparent's taxable estate and can name them as beneficiaries of either life insurance or retirement plans. Overall, the minor's trust is vastly superior to custodial.
Client-Focused Service for Over a Decade
At AvoidProbate, we believe this valuable estate planning tool is greatly underused mainly because of the cost that most attorneys charge for them. Our firm offers minor’s trust formation services at a low, flat fee so that they can be used in a variety of situations. You can count on us to look out for your best interests.
Call (708) 367-3272 now to begin working on your minor’s trust.