PLAN BENEFICIARIES

Children are often the primary beneficiaries of an estate.

• When children are 18 or older at the time of death of the estate holder (parent), succession should occur without major complications.
• However, if they are minors, several factors must be considered.

In some cases, the surviving parent will be the primary beneficiary and the person in charge of caring for the children. The estate owner will have to establish an administrative process in cases with minors involved. If the asset holder fails to do so, a judge may appoint a guardian to manage the assets inherited by a minor.
To avoid the latter, the trustor may establish:

• A trust fund for children. The trustee will administer the estate until the beneficiaries reach a certain age, as set forth in the trust fund.
• Name a personal guardian in the will. Of course the guardian must be someone completely trustworthy who will have legal power to make decisions in the best interest of the beneficiaries.