What happens if I leave something to a minor beneficiary?
That can get a little complicated. But we got you covered! Under the law, while a minor can be a beneficiary of an estate, they cannot legally receive or control property until they come of age. Thus, when distributing a bequest/gift to a minor, the court may be required to appoint a conservator to hold onto or manage the property – under court supervision – until the minor reaches the legal age of majority (typically 18, but in some states, it’s 21).
Here, Qwill provides your executor with the power and discretion to distribute gifts to minors in your will. In the case of a minor beneficiary, your executor will be able to do the following:
To give/transfer the property to the minor beneficiary’s parent or legal guardian;
To give/transfer to the party to a Custodian of the minor, as designated under any Uniform Gifts or Transfers to Minors Act; or
Distribute the property directly to any financial accounts registered in the minor beneficiary’s name (i.e. if your gift is cash).