The simplest way for a minor to inherit property is in a custodial account. A custodial account is an account that is established as a bank or a brokerage account, for the benefit of the minor to a certain age, often 21 or 25. What's so great about custodial accounts is that they are free to establish and easy to administer. You don't need a court's supervision, or the extra hassle of creating a separate trust, with it's own tax identification number and need for an annual accounting.
Click on the state-specific article below to find out how custodial accounts are handled in your state.
The content of this article pertains to all US states and counties.