If you name someone who's still a minor as a beneficiary, the Will created by our platform won't pass their gift to them right away.
Instead, it provides for their share to be held and managed by an adult — a custodian — until the young person is old enough to receive it.
This works through your state's version of laws designed for exactly this purpose, such as the Uniform Transfers to Minors Act (UTMA) or, in some states, the Uniform Gifts to Minors Act (UGMA). You don't need to set any of this up separately — it's built into how the Will is drafted.
The age at which a young person receives their gift depends on state law, and it varies from state to state — commonly somewhere between 18 and 25. The Will you create with our platform doesn't let you choose a custom age; it follows the age your state's law provides.
If you'd like to set different terms — for example, a specific age, or conditions on how the gift is used — you may wish to consult an estate planning attorney in your state, who can advise on options.
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EveryWill is not a law firm, and does not provide legal advice. This article is provided for educational purposes only; it is not, and should not be taken as, legal, tax, or financial advice. Laws vary by state and change over time, and this article is not a substitute for the advice of an attorney licensed in your state who knows your circumstances. Reading this article does not create an attorney-client relationship with EveryWill. Use of EveryWill’s platform and services is subject to its Terms of Service and Privacy Policy.