Planning for Children 

Guardian Designations

    A guardianship designation is a provision that names who you wish to care for your minor children if both parents die before their children reach age 18.  A guardian designation may be contained in your trust or will or executed as a separate document.  If you do not name a guardian for your minor children then the Court will appoint a guardian.

Custodial Accounts under Transfer to Minors Act

    The Uniform Transfers to Minors Act (UTMA) is an Oregon law that allows a minor to receive gifts without the appointment of a conservator or trustee.  A custodian controls the assets gifted to the minor until the minor reaches a certain age.  The parent names a custodian in his or her will and also chooses the age at which the custodian must transfer the assets to the child.

Children's Trusts

    Since a child under the age of 18 cannot own assets, it is important for parents of minor children to have a Contingent trust for minor children in their will. Without this trust, an expensive court proceeding to establish a conservatorship for the minor may be necessary to manage the property of minor children until the age of 18.

    With a contingent trust, the parent names a trustee to take care of the child’s inheritance. These Trusts are very flexible and can be highly customized to suit the parents' wishes for how they want property distributed to the children. The assets can be used to pay for college for example. In addition, the parent can keep the funds in trust to whatever age they desire. Many parents do not want their children to receive their full inheritance upon reaching 18 years of age. The money in the trust can also be protected from creditors of the children.