Financial Guardian of Minor's Share

[maggyva]

What is the name of your state? Virginia

My ex-husband recently died (testate) and his Will left everything to our two children, 11 & 18, in equal shares. Our 18 year old will receive her 1/2 share outright (because she is not a minor), however, the Will is ambiguous regarding what happens to a minor's share. In one Article it says a minor's share will be held in trust (by the Trustee) until the age of majority (21), but in another Article it says a minor's share will be held in trust (by the Trustee) until the age of 21 (1/3), 25 (1/3) and 30 (1/3). But here's a larger problem - there is no trust! The deceased didn't have a trust already set up and the Will made no mention of a trust. So now what happens to my son's share of his father's estate?

 

[BlondiePB]

Is this regarding the post below? If so, then the executor/attorney will take care of the details including establishing a testamentary trust for the minor child or guardian of the estate of the minor child.

03-31-2005, 04:45 PM
maggyva
Junior Member Join Date: Mar 2005
Posts: 3

Can Will be Invalidated?

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What is the name of your state? VA

The Will was drawn up by an attorney in Virginia. This same attorney was named as Executor in the Will, and he also signed it as one of the two required witnesses. Isn't is illegal in Virginia for the attorney who drew up the Will to sign it as one of the two witnesses? And especially if he's also the Executor named in the Will? If so, is it a valid reason for a beneficiary to petition the court to revoke the Will? And if so, is there a statute of limitation for filing a petition?

 

[divgradcurl]

What is the name of your state? Virginia

My ex-husband recently died (testate) and his Will left everything to our two children, 11 & 18, in equal shares. Our 18 year old will receive her 1/2 share outright (because she is not a minor), however, the Will is ambiguous regarding what happens to a minor's share. In one Article it says a minor's share will be held in trust (by the Trustee) until the age of majority (21), but in another Article it says a minor's share will be held in trust (by the Trustee) until the age of 21 (1/3), 25 (1/3) and 30 (1/3). But here's a larger problem - there is no trust! The deceased didn't have a trust already set up and the Will made no mention of a trust. So now what happens to my son's share of his father's estate?

The court will set up the trust for the minor child, and will appoint a trustee to manage the trust. As to how the trust will be set up, that will depend on the judge and local laws.

 

[absconder]

I can show you tens of cases where squandering a minors money will land you in prison. Its the minors not yours.