How to Become a Trustee for a Minor

A trustee manages the trust until the minor comes of age.

Several methods exist to become a trustee for a minor. A trustee can be an individual, such as a trusted friend or relative, or a business entity, such as a corporation or company. The trustee holds legal title to the trust for the minor. This grave responsibility requires the trustee at a minimum to keep the principal of the trust intact but preferably growing, while providing for the care of the minor from the trust. Each state has specific laws regarding probate and the creation of a trust. Contact a local attorney for more information about your case.

Instructions

1. Open the trust for the minor. Speak to an attorney and ask them to set up a trust for the minor. A trust is a legal procedure where you retain title to assets and the minor has an equitable interest. Transfer the assets into the trust. Designate yourself as the trustee.

2. Agree to be trustee when asked. The request may be from a family member or a friend who asks you to manage the trust account for their children in the event of their death. This entails keeping the assets intact until the children become of age.

3. Review the will of the decedent The will may designates you as the guardian for the minor or request you become trustee for the trust account upon the decedents death. Normally you are asked by the decedent to handle these duties before the death. If so, request a copy of the will or the name of the attorney who prepared the will so you know where to locate the will upon the decedents' death. Otherwise, look for the decedents' will in her desk or safe. Take the will to attorney who prepared the will. Request the attorney file the will with the probate court and set a court hearing to appoint you as guardian and trustee. ,Accept the nomination of guardianship and trustee of the minor when the probate court appoints you.

4. Contact an attorney to file a petition in probate court to remove the trustee. This provides notice to the court of the inability of the present trustee to serve due to death, mental incapacity, wasting of the assets or mismanagement of the trust. Request the court appoint you as trustee for the minor. Accept the appointment.

Tips & Warnings

• Keep detailed records of all transactions until the minor receives the trust.

• Some states may handle these procedures in family court.

• You may handle these processes yourself, but an attorney experienced in the field usually knows the quickest and most efficient method for these procedures.

References

• Monterry Trust; Naming Guardians For Minor Children; Eric Holk; 2007
• National Paralegal: Appointment and Qualification of Trustee and Fiduciary
• Fromhold Jaffe & Adams: Why Should I Consider A Bank As A Trustee Of My Trust?
• Vernon Jacobs: The Minor's Trust
• Business Times; Plan for Your Children's Future with Trust Funds;
• The-Adviser; How Do I Remove a Trustee?; July 2011