A Master Trust for Minors is a quick, simple and cost-effective solution for recoveries below $250,000. Traditional trust products can be cost prohibitive for accounts of this size. Also, court-restricted accounts often require a judge’s order before funds can be used. This can become very tedious and expensive if there are multiple needs.
The Master Trust for Minors can be used for almost any need that is for the sole benefit of the minor beneficiary, who is a person under age 18 in most states. Once established, there is no further court intervention required to access the funds if needed. The trust administrator reviews every request to ensure the funds are properly used.
Advantages of a Master Trust for Minors include:
- No trust attorney is needed.
- Trust can be established by court order or signature of parent or guardian on joinder.
- Simple, cost-effective solution with minimal fees.
- Distributions are for the sole benefit of client.
- The trust can be limited to health and education only to avoid reduction of food stamp benefits.
Learn more about these common types of trusts: