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Trying to set aside a fund or something for our new baby incase
26-Nov-2023 (In Wills / Trusts Law)
Trying to set aside a fund or something for our new baby incase something happens to me and my wife. Please advise on the best way to set this up. The child will stay with the grand parents while I wish to have my younger relatives as legal guardians to our child to have access to our fund/assets/savings/insurance to make decisions regarding our child's education expenses etc in our absence till our child turns 21 and then hand over balance amount to child. How can this be done. Please advise. Thanks in advance.
Hi, the ideal way of planning a Succession for your child is to create a framework of a family trust through a Registered Will.
By creating a Family Trust, you can ensure several aspects of legacy to be created for the Newborn which can include the Day to day expenses, legal guardians (in absence of parents), funds made available at various milestones as per your thoughts and requirements etc. Specific legacies can be created legally to ensure that the same will be followed as per the wishes of Parents.
Hope this helps.
By creating a Family Trust, you can ensure several aspects of legacy to be created for the Newborn which can include the Day to day expenses, legal guardians (in absence of parents), funds made available at various milestones as per your thoughts and requirements etc. Specific legacies can be created legally to ensure that the same will be followed as per the wishes of Parents.
Hope this helps.
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Adv. Sarthak Shah
Mumbai | 100+ Answers
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Well, I can definitely suggest you good policies to safeguard future of your child. However, for that, you need to connect with me on call or need to meet me in person for detailed legal consultation.
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Adv. Pankaj Bajaj
Mumbai | 500+ Answers
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will is the best possible solution in your case however the money and all the assets to be made available to your child will be in the custody of a guardian till the time your child does not attain majority.
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Adv. Garima Anil Mehrotra
Mumbai | 500+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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