am i the one to control my son's inheritance

[BlondiePB]

You are going to say I am trying to pull a fast one. I wouldn't be on here trying to get advice if I was trying to do that. What I said in another post was .

She new that my husband and I were taping our finances out to be able to put 20% down on the house and in the short term would not be able to afford both rent and mortgage

I have stated that I don't understand the lingo you use or the legal jargon.

What you do not understand is that EACH fiduciary role a person has MUST be separated and each fiduciary role CANNOT be co-mingled.

Fiduciary Roles are:

1. An Executor/Exectrix of a decedant's will,
2. Guardian of an Estate,
3. Trustee,
4. Representative Payee (this is for Social Security);
5. POA (Power of Attorney).

A fiduciary is a person responsible for other people's assests (i.e. money)

This is why I never use forums like this, you get what you pay for, which was nothing for me.

Ask the forum administrator for a refund. You want to hear what you WANT to hear and NOT the law.

My husband and I have decided to talk with a lawyer ( because we can afford one) and let them find out excactly what is going on with the inheritance.
For those of you that have been watching this thread and are curious how the out come of the inheritance turns out. I will post again when I find out from my lawyer.

That still will not change the following: Your son's money is NOT to be released WITHOUT a court order allowing the Guardian of the Estate to do so. There are NO if's, what's, or but's about it.

Just exactly what do you NOT understand about this?

 

[BlondiePB]

This is like flogging a dead horse.

 

[Dandy Don]

It's done all the time. He obviously cared for and liked your child a great deal and wanted a great future for him/her. A lawyer is not really needed. It's very easy for you to manage the money yourself, or if you don't have the time to do it, you should consult with the trust department of a large bank and they have professional staff that can handle the account for you.

 

[BlondiePB]

It's done all the time. He obviously cared for and liked your child a great deal and wanted a great future for him/her. A lawyer is not really needed. It's very easy for you to manage the money yourself, or if you don't have the time to do it, you should consult with the trust department of a large bank and they have professional staff that can handle the account for you.

DD, leelisa CANNOT manage her son's money. She is NOT guardian of his estate.

Just what part of the following don't YOU understand: leelisa's son's money is NOT to be released WITHOUT a court order allowing the Guardian of the Estate to do so. There are NO if's, what's, or but's about it.

 

[BlondiePB]

leelisa, print out this entire thread and take it to a guardian attorney.

 

[Alaska landlord]

What's that saying? Oh yea, a fool and his money is soon parted.

Rather than being shocked OP should have been pleased. I wonder if this Guy had family members that were cheated out of the inheritance. OP, how did you merit this money?

Is he your baby's daddy?

 

[Alaska landlord]

I don't think 80,000 will go a long way. The money should be put into a college fund possibly with the state at todays college prices. PA has an excellent state run college program for that purpose.

Corrected post as I misunderstood Blondie's post.

 

[BlondiePB]

I agree with Blondie, the bank will control the funds and disperse them as they see fit.

I never once stated that, Alaska. You also don't understand. The account for her son is a Restricted Account. Funds from a restricted account can only be released with a court order allowing the money controller to do so.

The money controller here is confusing the fidicuary roles, as well as all of the members who have responded to this thread. Once CourtClerk read my replies, CourtClerk understood exactly what I have been trying to get through to everyone, especially, the OP. CourtClerk knows by my replies I am 100% correct.

 

[Alaska landlord]

I guess what you are saying is that the court will appoint a fiduciary. In these cases what qualifies the this person or entity? I know nothing of wills but have been considering one, so I do have some interest on the subject.

 

[BlondiePB]

I guess what you are saying is that the court will appoint a fiduciary. In these cases what qualifies the this person or entity? I know nothing of wills but have been considering one, so I do have some interest on the subject.

The decedent left money to the minor via his will. That money went into a Restricted Account, either a guardian of the estate account or a restricted trust account.

The court appointed a guardian of estate or trust of the estate of the minor's money, which was the bank. What's confusing all but me, is that the bank was also the Executor. Even if the decedent's probate case has NOT been closed and the executor discharged, which, IMO has happened, the money controller for the Restricted Account must abide by not the directives of the will but by the directives Restricted Accounts established by the court only.

Restricted Funds can only be released with a court order. So, when the auditors go through the annual accounting report, find money dispersed without a court order, leelisa et. al, all will be sitting in front of a judge having a very unpleasant experience.

The court does not allow just anyone to be appointed, even when there is a nomination for guardian in a will. Banks are easy appointments, as are attorneys.

Felons are inelgible. So are those with credit problems, bankruptcy, judgements, money problems, etc.

 

[Alaska landlord]

Follow-up and last question. Must a court order be sought for each and every transaction? or can a release of funds be sought and granted for let's say living expenses with set limits per year? All with full expense documentation of course from the guardian to prevent fraud.

 

[BlondiePB]

Follow-up and last question. Must a court order be sought for each and every transaction? or can a release of funds be sought and granted for let's say living expenses with set limits per year? All with full expense documentation of course from the guardian to prevent fraud.

The answers to these questions I will not post on the open forum. It's obvious I know my stuff, and unscrupulous persons can utilize that info. If this is for yourself, Alaska, ask me in a PM.

 

[anteater]

...The court appointed a guardian of estate or trust of the estate of the minor's money, which was the bank....

Wait. Isn't this where the attorney jumps up and says, "Objection, your honor, assumes facts not in evidence"?

We know nothing of what happend during the 2+ years from the decedent's death and the call with the lady at the bank about the creation of an UTMA account with the OP as custodian. Then again, I suspect we will never know.

 

[Alaska landlord]

The answers to these questions I will not post on the open forum. It's obvious I know my stuff, and unscrupulous persons can utilize that info. If this is for yourself, Alaska, ask me in a PM.

I get it. IM will not be necessary

 

[fairisfair]

I get it. IM will not be necessary

What you GET is what we all get, that you know even less about this subject than you do about the others. I would have been quite sure that was impossible.