Legal Question in Wills and Trusts in New York

Situation: The father of a family dies, leaving a wife and minor children under the age of 10. In lieu of flowers, people were asked to donate to an education fund for the benefit the children. An amount in excess of $10,000 was donated to the education fund.

Question: Is the money in the education fund the property of the children while they are still minors?


Asked on 8/27/09, 6:57 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Yes. However, techically the money is in trust. The wife should open a Uniform Gift for Minor's Account (UGMA) with her bank. The money should be placed in that account for the benefit of the children. For more information on UGMA, see, http://www.bankrate.com/brm/news/investing/20000517b.asp.

Mike.

Read more
Answered on 9/02/09, 8:22 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in New York