Legal Question in Wills and Trusts in Louisiana

Re: Child Trust Fund

Yes, talk to an attorney from LA.

Re: Child Trust Fund

If the money is placed in a trust, the terms of the trust will control in either state. If the money is given under the Uniform Gift to Minors Act, the LA version, the parent or guardian has control of the funds until the age of majority, typically 18. But the parent or guardian is a fiduciary and must exercise due care to prudently invest the funds until the child reaches legal adulthood.

That being said, many fiduciaries breach their obligation and engage in self-dealing of various kinds. An interested party can make a motion in the court in LA that the funds be protected and placed in a frozen account until the minor reaches the age of majority. It will be with the discretion of the court. But, LA Civil Code Article 223 provides generally, "Parental usufruct on minor child's property. Parents have during marriage the enjoyment of the property of their children until their majority or emancipation.

This usufruct is nonalienable and exempt from seizure." Civil Code 221 provides, "Parental administration of child's estate. The father is, during the marriage, administrator of the estate of his minor children and the mother in case of his interdiction or absence during said interdiction or absence. He or she shall be accountable both for the property and revenues of the estates the use of which he or she is not entitled to by law and for the property only of the estate the usufruct of which the law gives him or her. This administration ceases at the time of the majority or emancipation of the children, and also ceases upon judicial separation from bed and board either of the father from the mother or of the mother from the father."