Legal Question in Wills and Trusts in New York
Estate left to minors
My grandfather passed away and specifically left a certain amount of money to a few people and then the remainder of his estate to my children (his great grandchildren), who are both minors. This includes not only any money left but also all of his personal property. How is that handled if there is some property that is very valuable? My cousin was named executor and says he can just hand over the personal property to me. Is that legal since it is technically my childrens? Does a guardian need to be court ordered to handle the personal property along with the money?
2 Answers from Attorneys
Re: Estate left to minors
A parent is the natural guardian of its children.
The executor can hand over the property as you say, but control over it can be exercised by you as the parent.
Another question to answer is how old are the minors? Pre-Teen, Teens, nearly 18, this has a lot to do with how you handle the situation.
I can suggest that you begin by speaking with them to determine the best way to handle the assets.
Re: Estate left to minors
Mr. Markowitz's advice is not totally correct.
Under NY law, when it comes to a distribution, unless the age is set forth in the instrument (the will) a minor is 21 years or under. NY EPTL 2-1.10.
The manner by which a distribution is given to a minor is outlined in NY EPTL 7-6.1 - 7-6.26 (Uniform Transfer to Minors Act). The act is too long to set forth here, however, you can google and read the statute.
Mike.
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