The most common scenario is where the deceased left children under the age of 18 and any death benefit payment for their benefit will be paid into a trust account to be accessed at 18, 21 or some other preferred age. An account is set up in the name(s) of the children with 3 named Trustees. Money can only be withdrawn before the children reach age 18 (or 21) with the written consent of the existing Trustees.

Was this article helpful?

Please score it so we can improve and offer you more

Loading...