Legal Question in Wills and Trusts in New York
Can the guardian of minor children sign a waiver of the accounting of the assests for her kids who are the sole beneficiaries of their father's estate? I am concerned that she will squander all of their money and when they are old enough to realize it they will find that the person who is supposed to protect their money has squandered it and or waived their right to an accounting of where the money has gone? If it is legal for her to sign the waiver for them, isn't that a conflict of interest. This is in NYS.
I found out that checks from insurance were written out to the guardian "for the benefit of" the minor. I was told as long as it's in any account with the the guardian's name and the minor that is legal. No one will be monitoring her like they would be with a trust.
1 Answer from Attorneys
Guardians must file accountings with the court. If she is not, she can be removed.
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