Monies left for children
Get Legal Help Today
Secured with SHA-256 Encryption
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
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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.