5 Best Ways To Leave Money To A Child

3. Will

A will is a legal document that outlines the distribution of an individual’s assets after their death. In addition to asset distribution, a will can specify guardians for minor children in case the parents pass away. The appointed guardian typically manages the child’s finances until they reach adulthood or based on the terms specified in the will. To be valid, a will must be signed by the testator in the presence of two witnesses who also sign the document confirming its authenticity. The will only becomes legally binding after it goes through the probate process in the appropriate court, usually the probate court in the decedent’s county of residence. While wills are essential for stating general wishes, they can be subject to probate delays, leading to limited control over asset utilization.