Will: What is the norm if the parents of children under the age of 18 die?

[justonepoint]

Not sure where to post queries about Wills

I have one question on making a Will.

What is the norm if the parents of children under the age of 18 die. Do the assets in the estate get liquidated (for example property gets sold) and the money held on trust until the children reach an age to inherit them?

Is this an automatic thing that houses must get sold and is there a time frame for doing this?

 

[Complainer]

There would normally be guardians appointed for children under 18. This is a huge decision - basically you have to find family or friends that will take on your children.

Before thinking about selling the house, you need to think about where they will live. Will the kids move to live with the guardians, or will the guardians move into your house?

 

[huskerdu]

Not sure where to post queries about Wills

I have one question on making a Will.

What is the norm if the parents of children under the age of 18 die. Do the assets in the estate get liquidated (for example property gets sold) and the money held on trust until the children reach an age to inherit them?

Is this an automatic thing that houses must get sold and is there a time frame for doing this?

I am not a lawyer but this is what our lawyer told us...

It is not automatic that the house is sold. You can set up a trust, and name trustees who can make decisions ( within reason) about how to administer the trust for the benefit of the children. The trustees must act within guidelines, but the purchase of property for the benefit of the children and the releasing of money for medical treatment etc are allowed.

We had a very useful hour with our lawyer and he explained the law wrt
options for trusts when you die beforre you children reach 18, and the various options for your will. I would advise that you get proper legal advice to help you decide what is best.