Yes.  There are several non-guardianship alternatives if the property is being received pursuant to a judgment, including annuities and a special type of trust usually called a 142 trust because it is set up under Chapter 142 of the Texas Property Code.  A 142 trust is similar to an 867 trust.  The trustee generally must be a bank or trust company, and the trust can last until the minor reaches age 25.  A big advantage of 142 trusts over 867 trusts is that there is no annual accounting requirement and trustee compensation is less restrictive.  For these reasons, banks and trust companies often are willing to take smaller 142 trusts.

Last updated on January 6, 2011 by Glenn Karisch