Mina Sirkin posted something interesting today about the legal issues of leaving a gift of money or inheritance to minors. Sirkin says it can raise a multitude of legal issues for the child.
“If you are a mom, grandma, or know a mom or grandma who is leaving money or inheritance to a minor, there are many things to study when leaving such a gift to children or grandchildren,” Sirkin says. “Knowledge about the different ways of leaving money to a minor will insure that he or she safely receives his or her gift and can avoid court proceedings and lots of monetary cost.”
Sirkin also says that there are differences between leaving an inheritance in a guardianship account and leaving an inheritance in a custodial account.
“Knowing the differences between a guardianship account and a custodial account, and how to use them appropriately can save a lot of headache in court, as well as money by avoiding probate or guardianship proceedings,” Sirkin says.
This is a pretty interesting post for anyone looking to leave money to grandchildren, and are concerned about it being spent before the child is old enough to take control of the funds. For more info on this, you should check out Mina Sirkin’s blog at www.momsrules.com.
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