Can a minor child’s inheritance be partially released to their parent?

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Can a minor child’s inheritance be partially released to their parent?

My ex-husband died 3 years ago and my daughter will receive all the money from the estate. My ex-in-laws want to release half of the money to me for her care and half to be put away for her college fund. This is OK with me but it is legal for half the money to be released to me?

Asked on May 18, 2011 under Estate Planning, Pennsylvania

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am so sorry for your loss.  I would really consult with an estate planning attorney in your areawho will also know the mechanism for release of funds from an estate to a minor beneficiary.  Generally speaking the courts request that you be "officially" appointed as the child's guardian to release the funds (even though you are her natural guardian) and although it is most likely fine once that is done, it really might be best for you to form a trust for her benefit and have yourself appointed s the trustee.  As the trustee you can invade the trust for her care. Then you can also invest it for college, etc.  Good luck to you.


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