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Frequently Asked Questions About The Delivery of A Minor's Funds

The following are common questions that have often been posed to our office:

Why do funds a minor is inheriting have to come through Court? back to top

Whenever a minor is receiving funds from an inheritance from an estate, insurance policy (where minor is named beneficiary) or wrongful death settlement (where minor is recipient of wrongful death proceeds) and the amount is $10,000 or less, the application must be filed in Probate Court.

Can any of the monies be spent? back to top

Only with Court authorization, and under limited circumstances only.

What kind of account needs to be set up? back to top

An account in the sole name of minor to be released when they reach age 18.

Why do I have to be appointed guardian when the amount is over $10,000? back to top

If the gross settlement is over $10,000.00, then a guardian of the estate must be appointed to file the application. If the amount is less than $10,000 a parent or custodian may file the Application for Approval of the Settlement