Merchant & Kay

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Today: 9:00 am - 6:00 pm

Tomorrow: 9:00 am - 6:00 pm

11 Years

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Mon - Fri:	9:00 am - 6:00 pm

Child Support
Individuals with children under the age of 30 often include Child Support Trusts as a component of their Will. Rather than making a direct distribution to a child, it is common to leave the distribution to an adult person serving as Trustee for the child with the direction to use it for support, maintenance and college expenses. The Child Support Trust provisions are critical for children under 18 because Pennsylvania law requires either a restrictive bank account or court proceeding to separately establish a Trust for minors. It is also useful to include the Child Support Trusts for children in their twenties so parents can be assured that the money will be used for proper purposes until a Trustee determines that financial management is no longer necessary. As part of many estate plans, it is also necessary to have beneficiary designations for life insurance policies, retirement assets and individual retirement accounts designate the Child Support Trust as a beneficiary, rather than directly name the child as the beneficiary. Otherwise, the child inheriting can request the distribution in a lump sum outside of the restrictive and protective trust provisions.

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