I am executor of my fathers estate,there is a minor beneficiary, do I set up a trust?
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I am executor of my fathers estate,there is a minor beneficiary, do I set up a trust?
The minor involved would receive about 25,000. He is my deceased brothers child, and is 16 years old. His mother would spend the money on her self if she could get her hands on it.She did not pay for my brothers funeral,spent the money from life insurance on a trip to Disney and a new car.
Can I set up a trust? Can his 39 year old sister administer it? Can we set a specific age as to when he can get the money?
Are there other or better options?
Thank You
Mike N
Asked on October 3, 2018 under Estate Planning, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
I STRONGLY suggest that you as the Executor hire an attorney to help you with this because you may have a fight on your hands. Generally what happens is that there is a guardian appointed for the minor child to receive the funds. As you can imagine parents are generally appointed as guadians (called "conservators" here) for their own children in these circumstances, so then your sister in law would have control over the funds. If you wish to appoint another then you may be anle to under the estate laws, but you will need to check and I guarantee that your sister in law may challenge it. But if you can make an argument then the court can appoint another instead. Look in to placement in an annuity for his benefit but not in his name. The annuity can yield him more money if the law allows you to have it vested over a number of years. It is also not counted as funds in his name for college. Good luck.
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