“While everyone from brand new parents to great grandparents can benefit from the advice of a competent estate planning lawyer, frequently the individuals making sure that their affairs are in order, are those in their golden years. They have a common concern: what about their grandbabies?”
Leaving money or real estate to a child under the age of 18 requires careful handling, usually under the guidance of an estate planning attorney. The same is true for money awarded by a court, when a child has received property for other reasons, like a settlement for a personal injury matter.
According to the article “Gifts from Grandma, and other problems with children owning property” from the Cherokee-Tribune & Ledger News, if a child under age 18 receives money as an inheritance through a trust, or if the trust states that the asset will be “held in trust” until the child reaches age 18, then the trustee named in the will or trust is responsible for managing the money.
Until the child reaches age 18, the trustee is to use the money only for the child’s benefit. The terms of the trust will detail what the trustee can or cannot do with the money. In any situation, the trustee may not benefit from the money in any way.
The child does not have free access to the money. Children may not legally hold assets in their own names. However, what happens if there is no will, and no trust?
A child could be entitled to receive property under the laws of intestacy, which defines what happens to a person’s assets, if there is no will. Another way a child might receive assets, would be from the proceeds of a life insurance policy, or another asset where the child has been named a beneficiary and the asset is not part of the probate estate. However, children may not legally own assets. What happens next?
The answer depends upon the value of the asset. State laws vary but generally speaking, if the assets are below a certain threshold, the child’s parents may receive and hold the funds in a custodial account. The custodian has a duty to manage the child’s money, but there isn’t any court oversight.
In Georgia, the threshold is $15,000. Check with a local estate planning attorney to determine your state’s limitations.
If the asset is valued at more than $15,000, or whatever the threshold is for the state, the probate court will exercise its oversight. If no trust has been set up, then an adult will need to become a conservator, a person responsible for managing a child’s property. This person needs to apply to the court to be named conservator, and while it is frequently the child’s parent, this is not always the case.
The conservator is required to report to the probate court on the child’s assets and how they are being used. If monies are used improperly, then the conservator will be liable for repayment. The same situation occurs, if the child receives money through a court settlement.
Making parents go through a conservatorship appointment and report to the probate court is a bit of a burden for most people. A properly created estate plan can avoid this issue and prepare a trust, if necessary, and name a trustee to be in charge of the asset.
Another point to consider: turning 18 and receiving a large amount of money is rarely a good thing for any young adult, no matter how mature they are. An estate planning attorney can discuss how the inheritance can be structured, so the assets are used for college expenses or other important expenses for a young person. The goal is to not distribute the funds all at once to a young person, who may not be prepared to manage a large inheritance.
Reference: Cherokee-Tribune & Ledger News (March 1, 2019) “Gifts from Grandma, and other problems with children owning property”
“每個人由新任父母到曾祖父母都可以從一位的勝任的資產規劃律師的建議中受益，但是那些確保他們所有事都有條不紊的人，往往是那些處於黃昏年齡的人。他們有共同的擔憂：他們的孫兒怎麼樣？”
把錢或房產留給未滿18歲的小孩需要小心處理，最好是在資產規劃律師的指導下進行。當兒童因其他原因收到財產時，例如人身傷害的和解，法院判給的錢, 同樣需要小心處理。
根據Cherokee-Tribune＆Ledger News的文章“Gifts from Grandma, and other problems with children owning property”，如果18歲以下的兒童通過信託獲得遺產，或者如果信託聲明該資產將在兒童滿18歲之前“被託管”，這樣在遺囑或信託中指定的受託人負責管理這筆錢。
在小孩滿18歲之前，受託人只能將錢用於小孩的福利上。信託的條款將詳細說明受託人可以或不可以用錢來做什麼。在任何情況下，受託人都不能以任何方式從這筆錢中受益。
小孩不能取用這些錢。小孩才可以自己的名義合法持有資產。但是，如果沒有遺囑，沒有信託那會怎樣？
根據繼承法，小孩可以有權獲得財產，該法律規定如果沒有遺囑，遺產將會怎樣分配。小孩可能獲得資產的另一種方式是來自人壽保單的收益，或其他資產指定小孩為受益人且資產不屬於遺囑認證財產。但是，小孩可能不能合法地擁有資產。接下來會有什麼問題？
答案取決於資產的價值。各州法律有所不同，但一般來說，如果資產低於某個價值，小孩的父母可以開設託管帳戶(custodial account)來持有資產。託管人有責任管理小孩的錢，但不需法院監督。
在喬治亞州，門檻是15,000美元。請諮詢當地的資產規劃律師，以確定您所在州的限制。
如果資產的價值超過15,000美元，或者無論該州的門檻是多少，遺囑認證法庭都將行使其監督權。如果沒有成立信託，那麼需要一位成年人成為管理人負責管理小孩財產的人。這個人需要向法院申請成為管理人，雖然通常管理人是小孩的父母，但這情況並非必然。
管理人必須向遺囑法庭申報小孩的資產及其使用方式。如果使用不當，那麼管理人將承擔責任。如果小孩通過法庭和解收到錢，情況也一樣。
讓父母申請監護權並向遺囑認證法庭申報對大多數人來說是麻煩的事。正確地成立資產規劃可以避免此問題，並需要準備好信託和指定受託人管理資產。
另一個值得考慮的問題：到了18歲而收到大筆金錢對於任何年輕人來說都不是一件好事，即使他們有多成熟。 資產規劃律師可以討論如何規劃資產，那麼資產可用於大學學費或其他重要費用。 目標是不要將所以資金一次性給年輕人，因為他們可能還沒有能力處理大筆遺產。
參考 : Cherokee-Tribune & Ledger News (March 1, 2019) “Gifts from Grandma, and other problems with children owning property”
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