Legal Question in Wills and Trusts in Pennsylvania
Minor Beneficiary
Three of my children, who are all under the age of 18, were named as beneficiaries in a distant relatives will. The court document states the share must be placed in an interest bearing account until the age of 18. As their parent, what account options are available for the share to be held in so that I am in compliance with the court order?
Asked on 8/30/07, 5:26 pm
1 Answer from Attorneys
Glenn Brown
Real World Law, P.C.
Re: Minor Beneficiary
Generally a statement savings or money market account with your name as trustee in trust for child. Generally child's social security # is applied to the account. Depending on the amount and interest rate a bank CD may work.
Take the court order with you to the bank when you open the accounts.
Good luck to you.
Answered on 8/30/07, 6:23 pm
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