Legal Question in Wills and Trusts in Pennsylvania
Child named in Will
My 11 yr. old child was named in my Aunt's Will. It was not set up in a Trust Account to benefit my child. My child was named as a beneficiary the same as the other adult beneficiaries. The lawyer we are dealing with stated that because a Trust Account was not set up for my minor child that this money will go into CD's/Savings Account until she turns 21 years old. The only withdrawals that can come from this account before my child turns 21 yrs old will be to pay taxes due on the interest earned. Is this how it is handled when a minor is named in a Will and a trust account is not set up?
1 Answer from Attorneys
Re: Child named in Will
It sounds as if you have been dealing with the lawyer for your aunt's estate.
You should get a copy of the will [it may have been provided to you with the "Notice to heirs" that the executor should have sent you, or you may get a copy from the Office of the Register of Wills in the county where the estate was probated] and take it to an experienced estates lawyer who will represent you and your child.
Carefully reviewing the will itself will show exactly what limitations, if any, were put on the money left to your child. In any case, a child may not directly "own" money or property, it would have to be in some kind of a trust account for the benefit of the child.
Even if the will did not create a trust for minor beneficiaries, the money will have to be held in trust, but you should have some say in that, as the parent and natural guardian. The executor or attorney for the state should not be holding this fund unless the will so directs.
If you continue to be unsatisfied with the information you are receiving from the estate executor and/or attorney, you also have the right to petition for a formal accounting.
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