Today, we’re going to discuss setting up trusts for children.
In Texas, minors are considered incapacitated. Therefore if you leave them more than a nominal amount of money outright, a guardianship will have to be created to manage those assets for them.
There is no such thing as an independent guardian of the estate in Texas. Rather, they are subject to the supervision of the court and must get court approval before taking most actions on behalf of the estate. As a result guardianships are very expensive and time-consuming.
What’s more, without instructions from you about who should manage the assets you leave behind, a judge will make that decision in your place. I’ve written an article about how trusts are beneficial for children. You can read it by clicking here.
Please let me know if you have any questions.