Thread: Dispursing money from an estate - what would you do?

Quote: Originally Posted by Marienee You need at the very least to follow up any conversation with a letter. Most states have a Uniform Gifts to Minors Act (UGMA) or a Uniform Transfers to Minors Act (UTMA) which allows for an sccount to be opened in trust for the minor until he comes of age. You could be the trustee if you want; or his mother or anybody else. For small amounts (under about 20K usually) this can usually be done without...

Missed the edit window. Anyway, my final sentence above should be amended to say, "in the applicable jurisdiction." A distance of about 1000 miles, as the OP says, might put the matter outside the OP's jurisdiction.

Per Marienee's note it would worth the pure entertainment value to send a registered letter to the grand parents telling them of the intent to set up this trust for the kid. If your phone lines weren't very shortly burning up with his parents demanding info, access etc. I'd be very surprised.

As you've got the telephone number, why not ring? You have nothing to lose. Maybe they have a nice memory of you from the wedding or whatever?

Hire a lawyer, probably a minimal 1 hour fee. Give him a certified check for the amount, the kids address, tell him to give it to the kid. Give him a retainer for the amount he is charging for the service. By law the lawyer HAS to give it to the kid. If he has the kids contact info, generally a phone number and address, he makes the appointment to see the kid and hand over the cash. There will be a document for the kid to sign stating he has...

What aruvqan said. I think you need to see a lawyer, not just to be sure the kid gets the money but to be sure that you do everything correctly so that nobody will come out of the woodwork later and question how you handled the estate.

I'm not the OP, but I think the question is interesting. How do you give the money to a minor child? I mean, you could just walk up to him, and hand him a check, but can he sign a document that he received it?

I would definitely get a consult with a lawyer. I don't know what jurisdiction you're in, but most places have very definite rules with respect to bequests to minors. You don't just cut a cheque to a kid. If there's a will in place which was drafted by a lawyer, I would be very surprised if there weren't provisions which dealt with trusts for minors. If there isn't such a provision, there's usually...

In my state, if there were not satisfactory arrangements in the will, the Court would likely require that a formal guardianship be established over the minor, and that the money be paid into a trust account only accessible with the approval of the court, until the minor becomes an adult.

You need at the very least to follow up any conversation with a letter. Most states have a Uniform Gifts to Minors Act (UGMA) or a Uniform Transfers to Minors Act (UTMA) which allows for an sccount to be opened in trust for the minor until he comes of age. You could be the trustee if you want; or his mother or anybody else. For small amounts (under about 20K usually) this can usually be done without involving the Probate Court in the...