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7. Creating a Testamentary Trust in Your Will

If you are leaving property to minor children, you may want to consider transferring the property to them through a testamentary trust. A testamentary trust is created when you die, and is used to hold property for someone else's benefit. For instance, if you leave $10,000 to your 12-year-old child, you could have the property placed "in trust" and name someone to take care of that property for your child until certain conditions are met (e.g., your child reaches a certain age).

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The person you name to take care of the property is called the trustee and your child is called the beneficiary. Many rules govern a trustee's behavior. For example, the trustee must act in the best interest of the beneficiary. The trustee cannot mishandle the property or use the property for his or her own benefit.

 
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