How best to leave investment property to a minor child?

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How best to leave investment property to a minor child?

I want to be sure my grandson inherits the entire property. I need the rental income to live. After I die I want my 2 children to split the income. When either of them dies I want the income to go into a trust for my grandson until he is 25. When they are both gone I want the property and all income to be my grandsons. I want this in a Will so that no one can sell their part of the property, I want it all to go to my grandson eventually. I just need to know if I can make these strict guidelines in my Will.

Asked on May 21, 2011 under Estate Planning, North Carolina

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You really have thought things out with this matter and you have every right to leave the property or the income to anyone you please.  But a Last Will ad Testament may not be the document that you need to have things done the way you want.  You should consider creating a Trust and having someone you trust appointed as the Trustee.  Then the property is transferred in tot he trust and the trsutee distributesthe income as you wish.  Your grandson or whomever is the "remainderman" of the trust meaning that when the trust ends he gets the remainder or the property out right.  You need to seek legal help with all of this.  Good luck. 


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