Monies left for children

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Monies left for children

My father in CA passed away and listed my two children one 19 the other 13 in NV as beneficiaries on two accounts one a savings the other a retirement. What are my options if any to change this as it’s designated? I’m concerned that the monies will not be used wisely and can negatively affect their futures. AlsoI think that these should have been left for me and my brother no children, and in turn I would then do the same with my accounts for my children, where at a later date they would be older and can better manage such a thing. Other accounts were left for me and my brother but these two were designated differently.Please provide any possiblelegal remedies, thank you.

Asked on March 5, 2017 under Estate Planning, Nevada

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Unfortunately, you have no legal right to change your late father's designation on those accounts. While everything you write is logical and makes sense, you are stuck with the designations which he made prior to this death. You can exercise control over the money left to the 13-year old now, but when he turns 18, it will ALL be his--i.e. you would have to answer for any money taken out of that account now. (At least you can stop him from spending, etc. it when hs is 13.) Ask the bank about your options with this account.
But as to the 19 year old--he is already a legal adult. You have no control at all over what he does with the funds left him.


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