No.  One possibility is an 867 trust, discussed above.  If the property is cash and is under $100,000, Texas law has a procedure where the money may be placed in an interest-bearing account by the county clerk and held until the minor reaches age 18.  Your lawyer can tell you if this procedure is a good idea in your case.  The interest earned on the money may not be as great as a trust would earn, and it will be difficult or impossible to spend the money prior to the child reaching age 18, but there is no annual accounting requirement so the costs are reduced.

Last updated on January 6, 2011 by Glenn Karisch