Legal Question in Wills and Trusts in Louisiana
My mother just passed away and other than myself, the only other living heir is my deceased sister's daughter who is a minor. My question is such: I know I should open a trust fund for my sisters daughter for 50% of the remaining estate funds after all expenses have been paid but can I just open a savings account or something similiar to save the expense of hiring an attorney to open an account but should I open it in both my name and her legal guardians name so no one can use these funds irresponsibly or if I just give them the money and for whatever reason they blow it could I be held responsible by not opening the trust fund??? What should I do???
1 Answer from Attorneys
You can open a custodial account in the minor's name. The account is managed by an adult(usually a parent) until the minor reached 18, and then has control of the account.
Any bank can do this.
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