Category: Transfers To Minors

A Sharpened Tool

By Benjamin F. Farah
October 31, 2017 Category: Wills, Estate Planning, Guardianship, Transfers To Minors

Delaying the Distribution of Property to a Young Person A sharpened tool is available for those who want to delay the distribution of property to a beneficiary over age 21, but who do not want to incur the expense of setting up aTrust. While there are good reasons to set up a Trust, thanks to a change in Ohio law, a Trust is not the only way to delay distribution past 21. In Ohio, if a beneficiary is under 18 at the time property is to be distributed, that property is paid to a court appointed Guardian. Management of the property in a Guardianshipis under Court supervision. At age 18, the property in the Guardianship will be distributed to the beneficiary. In our Wills, we said that if a beneficiary is under 21 at the time he or she is to receive property, the property is to be distributed to a Custodian under the Ohio Transfer to Minors Act. This would tie the property up until age 21. Usually, an 18 year old beneficiary is less mature than a 21 year old. We have yet to find a client

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