In California, minors cannot own property above $5,000 outright until they are 18 years old. The rule makes sense, of course: Teenagers are rarely mature enough to manage large sums of money wisely. The question is, how does this law affect your estate plan? What will happen to the assets you leave to your child if he or she is still a minor when you die? The answer is surprisingly […]
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Posts Tagged ‘minors’
When our son was born one of my and my wife’s first priorities was to make sure he would still be in good hands if something happened to us. What were the chances that both of us would be unable to take care of him? It didn’t matter. As a lawyer I knew what our options were: we could appoint a guardian for our son via our estate plan, or […]
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