Claudette's grandchildren are 7 and 9 years old. When Claudette passed away, her grandchildren inherited her money. However, the will stipulated that they should not get control of the money until age 25. Which of the following should be set up to provide for the management and control of the funds?

A. A checking account

B. A trust

C. A loan

D. A savings account

E. A certificate of deposit

The correct answer is B. A trust.

Explanation:

A concept closely linked to inheritance, and which articulates the entire procedure, is that of the legitimate one. This is one of the three parts into which a legacy is divided, and from which the testator will not be able to freely dispose since the ordinance obliges its assignment. Although, as we will explain later, there are regional differences.

The legitimate one is the third that is obligatorily assigned to the forced heirs (which in general will be the children, although not exclusively, something that we will explain later in depth). This third is divided equally among those persons that the Law considers heir 'per se', also called legitimate.

The second of the thirds is that of improvement, also aimed at forced heirs but that gives the testator the possibility of making a difference between them, giving some more than others if he wishes. It is necessary that the deceased express in his will clearly how this third of improvement is distributed since otherwise the ordinance indicates that it is distributed equally.

The last third is known as freely available, and as such may be delivered to the persons or institutions that the decedent deems appropriate without any restriction. It is, for example, that can be donated to an NGO, distributed among the rest of the family, left to friends or given to a neighbor, there are no limits. However, this will must be reflected in the will because if there is no clear indication, the third of free disposition will become part of the legitimate one.