A bequest from a will or trust can be done in many ways:
- Outright to the person
- Uniform gift to minors account
- Trust for the child until the child reaches a certain age (often 25)
- Trust for all of your children until the youngest reaches a certain age before division into shares
- Trust for your beneficiary with the beneficiary as the trustee subject to restrictions on how the money is spent
- Trust for your beneficiary with a trust company managing the money and making distribution decisions based on your wishes
- Trust for your beneficiary to be used over and above any assistance the person may be receiving from Social Security, Medicaid, or the Veterans’ Administration
There are tax and practical considerations to the simple question of how to give your estate away. Consider additional research or consult with an attorney experienced in estate planning.
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