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What is a Children's Property Guardian?

Where property is left to a minor child, the responsibility for managing that property is normally left to the parent or legal guardian of that child. In that case, the parent or legal guardian will have sole discretion in relation to the management of the child’s inheritance. However, instead of leaving the management of the inheritance to the child’s parent or guardian, it is also possible to establish a trust (called a discretionary trust) under the terms of your will which will leave the management of the inheritance to a named trustee (usually a trusted relative or friend).

The trustee will manage the child’s inheritance on the child’s behalf in accordance with the terms of the trust provisions in the will until that child reaches an age specified by you. When the child reaches that age, the remainder of the trust property will be transferred to the now adult beneficiary and the trust will be terminated. During the course of the trust, the trustee will have broad discretion over the management and distribution of the trust property. If the trustee deems it appropriate, he or she can release monies to or make payments on behalf of the child to cover matters ranging from education, medical care and general maintenance.

If the child in question has reached the age you specify in your will at the time of your death, and is over 18, the trust never actually comes into existence and the property is instead transferred directly to them upon your death.

 

Does the Online Will Offered By IrishWills.ie Provide for This?
Yes, our Online Will will enable you to easily create a property trust for your children or any minor beneficiary.

 

 

 

For more detailed information on the topic above and other issues relating to Irish wills, read our Last Will & Testament Kit written by an Irish Solicitor to answer all your questions.

 

 

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