Trusts Within Wills to Protect Children's Assets

Set up Trusts within Wills to protect Assets of children under age 30

Example  The principal held in each child's share shall be distributed to him or her upon his or her attaining the age of thirty (30) years.
 In the event either of my children have not attained the age of thirty (30) years, if he or she has attained or upon his or her attaining the age of twenty two (22) years, my Trustee shall distribute one-third (1/3) of the principal held in such child's share to him or her.
 If either child has attained or upon attaining the age of twenty five (25) years, an additional one-half (1/2) of the balance of the principal held in such child's share shall be distributed to him or her.  Upon attaining the age of thirty (30) years, the balance of the principal held in such child's share shall be distributed to him or her. More info at http://www.njlaws.com/wills_children_and_guardians.htm

 There may come a time when a parent is  unable, due to physical or mental incapacity, to take care of their minor children. In these circumstances, those caring for the children as well as the courts will need direction. By writing and executing a Will which includes instructions on guardianship one may select someone, either individually or jointly,  with the legal authority to act for minor children and assume control over the assets of the children. Estate planning, which includes the execution of a Will, is just as important for young families with minor children as they are for senior citizens.
Guardians
     Most individuals appoint their spouse to act as Guardian of the person and property of their minor children.  It is suggested that your Will include a clause which provides that in the event your spouse predeceases you, or is unsuitable or ceases to act as Guardian of the person and property of your minor children, you appoint a trusted family member or close friend to act as successor Guardian of the person and property of your minor children.

Trustee
     Select a trusted person, a close relative or friends, who will invest and hold your children's money.  In your Will you can  instruct the Trustee to apply amounts of income and principal as they, in their sole discretion, deem proper for the health, maintenance, education, welfare, or support of your children or other minors. Direct that the trustee shall accumulate any income not needed for the above purposes, paying and transferring the portion held in trust to the beneficiary upon his or her attaining the age of majority or whichever age you select.