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What Happens When a Minor Inherits a Large Amount of Money?

Posted on March 29, 2022 in asset protection,estate planning

If a decedent leaves money to a minor through his or her estate plan, the will or trust provisions would govern. For example, the descendant’s trust may provide that the funds be given to the minor over time upon reaching certain years age or grant the trustee the discretion to dole out money for his or her education and welfare. If the descedent’s estate plan did not provide that the money be held in trust, or if the decedent dies intestate, there are various options. Depending on the size the inheritance, the probate court may require a guardianship account be established, which may involve a lot of legal fees and annual accountings.If the inheritance is not very great, the probate court may exercise its discretion and oder the funds be placed in a blocked account so that the money cannot be withdrawn without a court order or until the minor turns 18 years of age.