Legal Question in Wills and Trusts in West Virginia
Inheritance of underage child
When my neice's great aunt passes away, she will be the sole beneficiary of all of her great aunt's possessions (this incudes a considerable amount of money, a home, car, etc.). My neice's mother is the executor of the will. My question is whether or not my sister will have complete control of my neices inheritance if she is still a minor? My sister is very irresponsible and my concern is that she will blow everything. I've spoken to my nieces great-aunt and she says that if my sister misuses the funds that I could sue on my neices behalf, but that seems way too complicated. I suggested that my neices great-aunt do a trust instead, but she was hesitant about it due to the cost. Again, I'm just concerned that all of these assets (particiularly the money that is to be used for her college education) ends up in the hands of an irresponsible parent who may use the money for herself.
2 Answers from Attorneys
Re: Inheritance of underage child
A trust is not necessarily the answer. The trust should use a bank as the Trustee or at least require that bond be posted for an individual trustee to qualify. Also, the will should name a bank or other responsible person as Executor. If the spendthrift remains Executrix she should be required to post bond. The aunt must consult a lawyer to review the risks and options. A living trust or a trust built into the will is not expensive.
Re: Inheritance of underage child
You had better, before it's too late, further inform and educate the great aunt testator on the importance and apparent efficacy of a trust for her intended beneficiary under the particular circumstances of this inheritance situation involving a minor child with an apparent spendthrift happy parent who could possibly dissipate whatever this great aunt may intend to benefit her niece, unless there is a trust interposed to prevent it.
Suing the profligate mother after all or most of the assets have been dissipated is not a realistic option to recover much of anything at all.
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