If my mother died and left my 12 ear old nephew some money, how can it be protected until he is an adult since his mother is a drug addict?
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If my mother died and left my 12 ear old nephew some money, how can it be protected until he is an adult since his mother is a drug addict?
I’m the executor of the estate. Can I legally hold onto the money or put it somewhere until he is 18-21 years old so his mother can not get a hold of it?
Asked on February 26, 2015 under Estate Planning, Virginia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
These are your duites:
The personal representative should take charge of and gain possession of all assets of the estate where necessary in order to carry out the obligations for the payment of taxes, debts and claims against the estate and the ultimate distribution of the estate in a manner consistent with the testator’s wishes as stated in the will or as required by the laws of intestate succession.
Are you working with an attorney in your area? You need to be. While I do not think that you could legally hold on to the money, I do think you may be able to set up a trust for him maybe not until 21 but to 18 with out too much of an issue. You need to see if you can limit the trust to disbursement until that time and not to be invaded for any reason that could be by someone with less than honorable intentions. Good luck.
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