Dear AB,
if you have a will and you name your minor children as beneficiaries, the assets will be distributed according to the terms of the will. However, because minors cannot legally own property or receive an absolute gift, the assets intended for them will typically be held in trust until they reach the age of majority or another specified age as outlined in the will.

The person responsible for managing the assets in trust is/are the executors named in the will. The wills usually have clauses that provide some limitations as to what the Trustee is able to invest in and what the money can be used for while the children are still in their minorities.

In more complex cases and for large estates and in situations where the term the assets are held is many, many years or even decades, and where the beneficiaries are children and grandchildren, some testators prefer a Testamentary Trust which is a long form will with much more detail as to what the trustees can do and allows for replacement trustees etc.

Kind regards,