Estate planning isn’t just for the wealthy — it’s for anyone who wants to ensure their children are cared for and financially protected in the future. Parents often think about who will raise their children if they pass away prematurely, but there’s another critical question to answer: Who will manage the money or property your children inherit until they are old enough to handle it themselves?

Leaving assets directly to a child without planning can create challenges. Minor children cannot legally own property, manage bank accounts, or make financial decisions. That means if you leave money or property to a child, someone else must be designated to manage it responsibly until the child reaches adulthood. Without a plan, the courts will decide who manages those assets — and the outcome may not align with your wishes.

That’s why estate planning for children is so important. Through a will, living trust, or other planning tools, parents can name guardians, select financial managers, and set conditions for how and when children inherit.

Why Leaving an Inheritance for Children Requires Planning

1. Children Cannot Directly Inherit Property

If a minor inherits property or money outright, a court must appoint a guardian to manage those assets. This process can be costly, time-consuming, and may lead to someone you wouldn’t have chosen making financial decisions for your child.

2. Avoiding Family Disputes

Without a clear plan, relatives may disagree about who should control your child’s inheritance. Estate planning prevents conflicts by specifying your wishes in legally enforceable documents.

3. Ensuring Responsible Management

Even once children turn 18, they may not have the maturity to handle large sums of money. A well-crafted estate plan allows you to set guidelines, such as distributing assets gradually or for specific purposes like education.

4. Protecting the Child’s Future

Estate planning ensures your children are financially secure, even if you pass away unexpectedly. It also prevents creditors, estranged relatives, or mismanagement from jeopardizing your child’s inheritance.

Tools for Managing a Child’s Inheritance

Parents have several estate planning tools at their disposal to ensure their children’s inheritance is managed wisely:

1. Wills

A will is the foundation of most estate plans. In it, you can:

• Name a guardian to raise your children.
• Appoint a property guardian or custodian to manage money and property left to your children.
• Outline how you want assets distributed when your children reach adulthood.

Without a will, state intestacy laws determine how your assets are divided — and they won’t take your family’s unique needs into account.

2. Living Trusts

A living trust is often the best way to leave an inheritance for children. With a trust, you can:

• Name a trustee to manage the assets.
• Decide when and how your children receive their inheritance (for example, half at age 25 and the rest at age 30).
• Protect assets from creditors and lawsuits.
• Avoid probate, ensuring a faster and more private transfer of wealth.

Trusts give parents flexibility and control, ensuring assets are managed according to their values.

3. Uniform Transfers to Minors Act (UTMA) Accounts

New York, like most states, allows parents to set up UTMA accounts for minor children. A custodian manages the account until the child reaches a specified age (usually 21 in New York). While UTMA accounts are simpler than trusts, they offer less flexibility and protection.

4. Life Insurance

Many parents include life insurance in their estate plan to provide financial security for children. By naming a trust or custodian as the beneficiary, you ensure proceeds are managed properly for your child’s benefit.

Choosing the Right Person to Manage Your Child’s Inheritance

One of the most important estate planning decisions is selecting who will manage the assets your children inherit. This could be:

• A guardian of the estate – appointed in your will to manage the child’s property.
• A trustee – named in a trust to oversee distributions.
• A custodian – managing UTMA or UGMA accounts.

When choosing, consider:

• Financial responsibility – Does this person make sound money decisions?
• Trustworthiness – Can they be counted on to put your child’s best interests first?
• Willingness – Are they willing to take on the role?

You may also choose a professional trustee, such as a bank or attorney, to avoid family conflicts and ensure professional management.

When and How Should Children Receive Their Inheritance?

Parents have flexibility in deciding how their children inherit. Options include:

• Immediate inheritance at 18 or 21 – Not recommended for large estates, as most young adults lack financial maturity.
• Staggered distributions – For example, one-third at age 21, one-third at 25, and the rest at 30.
• Purpose-based distributions – Funds released for education, healthcare, or major life events.

This flexibility allows you to encourage responsible financial habits while ensuring your children are supported.

The Role of an Estate Planning Attorney

Estate planning involves complex legal and financial considerations. Even a small mistake can lead to probate complications, tax burdens, or disputes. An experienced estate planning attorney ensures:

• Your will or trust is legally valid in New York.
• Assets are properly titled and beneficiary designations updated.
• Tax planning strategies are used to maximize your children’s inheritance.
• Guardianship and trustee designations are clear and enforceable.
• Potential conflicts are minimized through precise language.

DIY estate planning tools cannot provide the tailored advice or legal compliance needed to protect your children’s inheritance.

Why Choose The Estate Planning Law Firm of Figeroux & Associates?

For families in Brooklyn, Figeroux & Associates is the trusted choice for estate planning, especially when planning for children’s futures. Here’s why:

• Decades of Experience: The firm’s attorneys understand New York estate law and specialize in creating plans that protect children and families.
• Comprehensive Services: From wills and trusts to guardianship planning, powers of attorney, and probate services, they cover every aspect of estate planning.
• Tailored Plans: No two families are alike. Figeroux & Associates listens to your goals and designs plans that reflect your values and protect your children’s future.
• Conflict Prevention: Clear, enforceable estate plans prevent family disputes and ensure your wishes are carried out.
• Trusted Brooklyn Firm: Conveniently located at 26 Court Street, Suite 701, Brooklyn, NY 11242, they have built a strong reputation for integrity and client-centered service.
• Accessible Resources: Visit www.askthelawyer.us or call 855-768-8845 to access resources and schedule consultations.

With Figeroux & Associates, you can rest assured your children will be cared for both emotionally and financially if the unexpected happens.

Conclusion

Leaving an inheritance for your children is about more than dividing assets. It’s about protecting their financial future, appointing trusted guardians and managers, and ensuring assets are used wisely until they’re old enough to manage them on their own.

Through wills, trusts, and other estate planning tools, you can prevent family conflicts, avoid costly probate, and create a legacy of stability and support for your children. But to do this correctly, you need the guidance of an experienced attorney.

In Brooklyn, the right choice is The Estate Planning Law Firm of Figeroux & Associates. With decades of experience, a client-centered approach, and a deep understanding of New York law, they are committed to helping parents safeguard their children’s future.

Don’t leave your child’s inheritance to chance. Contact Figeroux & Associates today at www.askthelawyer.us or 855-768-8845 and ensure your legacy is one of love, security, and lasting care.