Q: California trust leaves a house to 3 children equally, one is a minor (5 years old). How will title be held? Trust says
trustee shall continue to hold and administer estate until he becomes 25. Can trustee asign a custodian and utilize the CUTMA? or create a separate real estate trust until child reaches majority????? Your thoughts would be appreciated.
A: The trust can continue to hold the interest for the minor. To change the terms of an irrevocable trust, you would need a court order. To get that, you would petition the probate court. Honestly, it's easier to stay in the trust, because that doesn't require court supervision.
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