What are your options if you want to leave money or property in your will or trust to a young person, but you don't feel comfortable with the idea of them having complete control over the asset at age 18? In a few years, that child will likely be more responsible and better able to handle financial decisions. If it seems like a bad idea to give an 18 year old significant amounts of money or property, you should consider asking your Matrium Law Group lawyer about the Montana Uniform Transfers to Minors Act (also called the "UTMA"). The UTMA automatically creates a trust and allows you to name a custodian to manage the money or property for the child.
However, the UTMA only lasts until the minor turns 21. At that point, anything left is given to them in full. If you think 21 is still too young, you should ask your Matrium Law Group attorney about a traditional trust instead.
To speak with a Matrium Law Group attorney, please call (406) 552-7814, or visit our website at www.matriumlaw.com.
Matrium Law Group is committed to providing excellent, practical, and affordable legal counsel to our clients. We are located in Missoula, Montana and we help individuals, families, and businesses throughout Montana. For more information about Matrium Law Group, visit our website at www.matriumlaw.com.