Legal Question in Wills and Trusts in Pennsylvania

I am a single mother with a 3 year old child. I'm interested in structuring my finances in such a way as to ensure that should anything happen to me all of my assets transfer to my son. Seeing as how he is underage how do I go about setting up a trust so that my ex cannot utilize my money for his personal gain. I am assuming a trust is what I am looking for as I wish my money to remain untouchable until my son reaches a predetermined age. Also, will my money truly be untouchable or can my ex plead to the courts the necessity of access to the funds for costs of raising my child?


Asked on 2/04/11, 7:26 pm

1 Answer from Attorneys
Rachel Hunter

You need to consult with an attorney. How much money are we talking about? You probably do want to set up a revocable living trust or a testamentary trust. In either case, you can name a successor trustee other than your child's father. You should have a will or pourover will (if you have a revocable living trust) and ame a guardian for your child in that. In the trust, you can specify that your child's father is not to have access to the child's money. You could even specify that the trust is to be used for educational purposes or medical purposes as opposed to support for daily activities like clothes or school activities.

You also can set up UGMA/UTMA accounts (uniform gift or uniform transfer to minors). See 20 PACSA Section 5301 et seq. Under this law, you can specify a custodian for the money. Their only job is to invest it in something safe and turn it over once the minor is of age (21) unless it is advisable to pay to or use it for the benefit of the minor beforehand.

Read more
Answered on 2/06/11, 9:17 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Pennsylvania