What is the name of your state? pa
My son who is 7 years old has inheritated 80,000 from an old friend of mine. I always believed while he was alive that I was getting the inheritance, it was a shock to me to find it was in my son's name. This friend of mine lived in another state and only met my son once when he was 10 months old. This friend of mine was the vice president of the trust department at the bank the "will" comes from. In the will there is a paragragh that says the following:
I appoint my executor as the guardian of any property, whether principal or income, which vests in a minor by reason of my death and with respect to which I am authorized to appoint a guardian to hold and manage until such minor attains his or her majority, with all the same powers heretofore granted to the executrix in this will or powers granted by law, and authority to use both income and principal for the minor's comfortable support and complete education. Payments may be made to the person having custody of the minor without liability on the part of the guardian or my executrix to see to the application of said payments by the payee.
The wording of all that is confusing to me. I am getting from it that I will get the money and do as I see fit. First question, am I right on that? My second question, being as I mentioned above that my friend was the V.P. of the trust department and knows all the ins and outs of "wills", is it possible he wrote the will this way to avoid taxes or maybe not to upset another one of his family members or even something eles all together?
I would greatly appriciate any answers or comments.
Is there a benefit to put an inheritance in a minors name versus an adult?
I would also like to make it clear that I am not tring to take my son's money or anything like that, I am only tring to figure out what my friends full intention was.
My son who is 7 years old has inheritated 80,000 from an old friend of mine. I always believed while he was alive that I was getting the inheritance, it was a shock to me to find it was in my son's name. This friend of mine lived in another state and only met my son once when he was 10 months old. This friend of mine was the vice president of the trust department at the bank the "will" comes from. In the will there is a paragragh that says the following:
I appoint my executor as the guardian of any property, whether principal or income, which vests in a minor by reason of my death and with respect to which I am authorized to appoint a guardian to hold and manage until such minor attains his or her majority, with all the same powers heretofore granted to the executrix in this will or powers granted by law, and authority to use both income and principal for the minor's comfortable support and complete education. Payments may be made to the person having custody of the minor without liability on the part of the guardian or my executrix to see to the application of said payments by the payee.
The wording of all that is confusing to me. I am getting from it that I will get the money and do as I see fit. First question, am I right on that? My second question, being as I mentioned above that my friend was the V.P. of the trust department and knows all the ins and outs of "wills", is it possible he wrote the will this way to avoid taxes or maybe not to upset another one of his family members or even something eles all together?
I would greatly appriciate any answers or comments.
Is there a benefit to put an inheritance in a minors name versus an adult?
I would also like to make it clear that I am not tring to take my son's money or anything like that, I am only tring to figure out what my friends full intention was.
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