Legal Question in Wills and Trusts in Pennsylvania
Minor named in Will
My 11 yr old child was named in my Aunt's Will. We have been going around and around with the lawyer concerning the distribution. My child will receive about $70,000. My Aunt did not put this money into a trust for my child. At first, the lawyer said we, the parents, were responsible for paying the taxes due on the original amounts (interest from savings bonds cashed in) . After much argueing, he said the courts would allow the taxes to be paid out of the money she would be receiving which was good since taxes due were about $11,000. Now, the lawyer is saying the money will be invested in CD's at a local bank and we will submit tax info to the bank each year and money will be taken from the account to pay taxes due on the interest earned. He also just informed me my daughter can't get her money until age 21. We originally thought she could receive the money at 18 and help pay for college. Now we are worried she won't qualify for student loans or financial aid because of this money sitting there. Is this the only option for money a minor is to receive? Can she really not get it until age 21? We have had so many things go wrong with the lawyer we are worried we are not getting the best options for our child. Thank you
1 Answer from Attorneys
Re: Minor 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.
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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