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Who will manage my money for my kids while they are minors?

Transcript

So, your curious “Who will manage my money for my kids while they are minors?”

The answer to that is it depends on whether you have a plan in place or whether you don’t have a plan in place. The bad news is if you don’t have a plan in place, probate court is going to appoint the person who’s going to manage money for your kids until they turn 18. That is when they are legally entitled to take over the management of the money that you leave to them.

If you do have a plan in place the good news is, you get to appoint the person who manages the money for your kids. So, you have control over who that is who you trust who you know would be able to identify your kids needs easily and seamlessly in a way that a stranger appointed by a court might not be able to do.

So, the best course of action is to get a plan in place and that way you get to choose the person who takes care of the money for your kids again until they turn 18.

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THE PARENTS ESTATE PLANNING LAW FIRM, PC

At The Parents Estate Planning Law Firm, we answer your questions at your convenience; we stay in frequent communication; and we meet to discuss changes in life circumstances and in the law to ensure that your assets are protected.

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