Who manages the assets given to young children if they are still underage (minor beneficiaries)?
With a Will, you get to choose who and even how.
If you only wish to name this person without wanting to go into details of how the assets should be managed, you can name the person as:
- Either the Executor or Guardian; or
- Someone else.
Regardless of who, whoever that manages the minor's assets will have the general powers of trustees and personal representatives under the Trustees Act (Chapter 337) unless otherwise specified. There is no hard and fast rule on exactly how it should be managed, be it through joint accounts, trustee accounts, the trustee's personal account, so long as the assets are accounted for and only used for the minor's best interest.
If you wish to specify more details, for example on the powers granted to this person (the trustee) and how the money should be payout (e.g. payout over time or upon certain conditions), you should use the Testamentary Trust function within our platform.
1. Name either the Executor or Guardian
Under the "Select Clauses" page, You can select either the Executor or the Guardian to manage all assets given to minor Beneficiaries.
Please note that this applies to the entire Will excluding any Testamentary Trust.
2. Name someone else
Warning - As the Other Instructions apply to entire Will, if you have already created a Testamentary Trust to manage all assets (or some assets) that are to be distributed to your minor beneficiaries, please use the following for clarity:
All assets given to my {Relationship}, {Name}, {Identification Number/details}, shall be held on trust and managed by my {Relationship}, {Name}, {Identification Number/details} till {Name} come of age. This shall not apply to the assets and beneficiaries under My Testamentary Trust - {{name of trust}}.
In the case where you want to specifically name a particular person to manage a particular minor's share of the estate until he/she turns 21, you can do so by typing in the following under "Select Clauses >> Other Instructions".
All assets given to my {Relationship}, {Name}, {Identification Number/details}, shall be held on trust and managed by my {Relationship}, {Name}, {Identification Number/details} till {Name} come of age.
