After you first create an estate plan, your work isn’t over. As life goes on and circumstances change, your estate plan needs to be modified accordingly. If, for example, you create an estate plan prior to having children, you need to update the plan after additional children are brought into the family. There are various aspects of the plan that should be addressed. This includes provisions relating to tangible personal property, such as furniture, clothing, artwork, or jewelry.
3 Tips for Addressing Personal Property to Minors When Modifying an Estate Plan
After their death, many parents want their children to receive their tangible personal property. If these children are minors, it is important to include specific provisions within the will that address how the property should be handled. The property typically isn’t given to the minor if he or she is not of legal age. Instead, you can modify your estate plan to direct that the personal property be given to or held by the following:
- A trust that was created for the minor beneficiary. This trust can be created separately, or it can be created under the terms of the will itself.
- The minor’s guardian until the minor reaches a designated age.
- The guardian’s statutory custodian under California law pertaining to the transfer of property to minors.
Understanding which option is best for your unique circumstances requires the guidance of an experienced professional. Fortunately, we can help. After having children, we can assist you in updating your estate plan to ensure that all of your goals and needs are met. We encourage you to contact us today at 714-459-5481 for more information.