am i the one to control my son's inheritance

[Just Blue]

So it is my responsiblity to make sure that the bank is dispursing the monies properly? If they wire the money into the UTMA account and I follow the rules of that account, I can still get in trouble? It seems to me that the bank is getting a large fee for handling his estate and it should be their responsibility to make sure what they are doing is legal. Would I recieve a notice of the courts ruling if there was one? I am very ignorant when it comes to these things, I have never had to deal with a will before.
As rude as some of your comments have come off Blondie I am greatful for the help and will continue to be greatful for your response and anyone eles's take on this situation.

She is not being rude...She is make sure you understand the seriousness of what she is saying. Blondie knows her stuff!!!

 

[leelisa]

I am new to this forum. I meant no disrespect.

 

[Just Blue]

I am new to this forum. I meant no disrespect.

I didn't think you did....I just wanted to clarify!!

 

[BlondiePB]

So it is my responsiblity to make sure that the bank is dispursing the monies properly?

No. It is the court appointed person responsibility. Your part in all this is your setting up the UTMA account to access the money making you also responsible (i.e. conspirator).

If they wire the money into the UTMA account and I follow the rules of that account, I can still get in trouble?

Yes, as a contributor to misappropriation of funds. What governs all this is what the court allows/state statutes allow and NOTHING else.

It seems to me that the bank is getting a large fee for handling his estate and it should be their responsibility to make sure what they are doing is legal.

The court allows for fees to be paid to Guardian of the Estate, etc. Furthermore, those fees cannot be paid to the fiduciary UNLESS there is a court order to do so.

Would I recieve a notice of the courts ruling if there was one?

No.

am very ignorant when it comes to these things, I have never had to deal with a will before.

You are not dealing with a will now. You MUST get that out of your thinking.

As rude as some of your comments have come off Blondie I am greatful for the help and will continue to be greatful for your response and anyone eles's take on this
situation.

leelisa, I am a fiduciary for other people's money (Guardian, Trustee, Representative Payee; POA). All fiduciary "hats" have different legal obligations, responsibilities, liabilites, etc. You are still are not "getting the picture" of all this with your son's money.

To me, the fiduciary of your son's money doesn't even understand. The fiduciary has to report to the court annually for every penny of your son's money. If that fiduciary does not have the court's "blessing" to put money into a UTMA account, you both will be sitting in front of a judge. The court auditors are very thorough with these accounting reports.

 

[BlondiePB]

I didn't think you did....I just wanted to clarify!!

... ...

 

[leelisa]

okay, lets assume there was a court order and the court did give their "blessing" to put the monies into an UTMA account. Then what? Then do the rules of the account apply? If the court wanted this money to be used for minors comfortable support and complete education. Could I use it to put my son in private school? Or a car when he is old enough?

I also want to know, what is the point of giving any wishes in a will if it is up to courts to decide what is best? I don't get that one at all. Foreinstance, if the will stated I want the minor to use the monies to buy a house when he becomes of age, would the court not follow those wishes?

 

[anteater]

I'll toss in my $0.02 and admit that those measly pennies are arrived at by inference from what leelisa has said. I tend to believe that leelisa is not in any dange zone because:

1) The testaor was a high official in a bank trust department and likely knew what he was doing.
2) The estate administrator is apparently also an official in a bank trust department and likely knows what she is doing.
3) The estate is under the supervision of the probate court in whatever state the testator died in.

While I am less than a fan of banks, they just are not prone to put their rear ends on the line.

leelisa - Seems easy enough for you to get clarification. Ask the estate administrator if the probate court has approved the transfer of your son's money into the UTMA.

As to the use of funds, presuming the creation of the UTMA and you as custodian are authorized, the PA statutes simply say:

§ 5314. Use of custodial property.
(a) Without court order.-A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit o the minor, without court order and without regard to:

1. the duty or ability of the custodian personally or of any other person to support the minor; or
2. any other income or property of the minor which may be applicable or available for that purpose.

(b) With court order.-On petition of an interested person or the minor if the minor has attained 14 years of age, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor.

(c) Obligation of support not affected.-A delivery, payment or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor.

Note subscetion (c). The model UTMA code does not contain any language that would prohibit use of the funds for what are considered basic support obligations. However, PA, like many other states, has added language to the model UTMA that UTMA funds are not to be used as a substitute for parental obligations, generally food, clothing, shelter and medical care.

 

[BlondiePB]

I tend to believe that leelisa is not in any dange zone because:

Nope, this whole thing is going to crash down when the accounting report is submitted to the court auditors.

1) The testaor was a high official in a bank trust department and likely knew what he is doing.

The testator's instructions in a will are irrelevant to what the court sets up for these accounts. The court rules.

2) The estate administrator is apparently also an official in a bank trust department and likely knows what she is doing.

I disagree. Leelisa presented the testator's instructions in the will. The Guardian must follow the instructions of the court, not the will.

3) The estate is under the supervision of the probate court in whatever state the testator died in.

Yep, and the sh** is going to hit the fan when that accounting report is submitted.

leelisa - Seems easy enough for you to get clarification. Ask the estate administrator if the probate court has approved the transfer of your son's money into the UTMA.

Again, what matters here is NOT the testator's probate file. The probate file created a Guardian of the Estate for leelisa's son. That is the ONLY thing that matters here.

Guardian of an Estate MUST follow the guardian rules & statutes and nothing else. Those funds are not to be released without a court order allowing so.

 

[BlondiePB]

okay, lets assume there was a court order and the court did give their "blessing" to put the monies into an UTMA account. Then what? Then do the rules of the account apply? If the court wanted this money to be used for minors comfortable support and complete education. Could I use it to put my son in private school? Or a car when he is old enough?

I also want to know, what is the point of giving any wishes in a will if it is up to courts to decide what is best? I don't get that one at all. Foreinstance, if the will stated I want the minor to use the monies to buy a house when he becomes of age, would the court not follow those wishes?

Let's not assume anything.


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.

 

[CourtClerk]

Let's not assume anything.


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.

Blondie,

You have the patience of a saint You are trying really hard to get someone to understand something she obviously has no interest in hearing. My heart goes out to you, because you obviously HAVE THE EXPERIENCE in dealing with such matters, but she is hell bent (IMO) on getting her hands on that money so that she can do things that she is supposed to do AS A PARENT anyway. Guitar lessons - your responsibility, summer camp - your responsibility, etc. Sound advice goes in one ear and out the other, what she wants to hear, she retains. Let her get hauled into probate court and deal with it then.

I just have a feeling that if the OP gets her way sonny boy will have $0 by the time he reaches the age of majority because mom will (no matter what you say now, or how you have edited your post, I saw the original one) spend every dime. OP, sorry, I just feel like you are a little upset that the money was left to your son as opposed to you (that was one of your FIRST sentences) because you were counting on it going to you. I absolutely don't understand what the harm is in checking with the court and putting the funds in a trust that CANNOT BE TOUCHED BY ANYONE (that's what a responsible parent would do ANYWAY) until the child reaches the age where he can decide what he wants to do with it, with an adult mind.

 

[BlondiePB]

Honestly I'm not sure. All I know is that I was told to open the UTMA account.
It seems strange to me too, the way this all going down. My friend was a very smart guy and there must of been some reason he did it this way. Let me make it clear again to all the viewers out there reading these post; I AM NOT TRYING TO TAKE MY SONS MONEY!!! I don't need the money, my husband and I are well off. I was only wondering if anyone heard of monies being distributed this way and if there would be some unknown reason to me or advantage of doing things this way?

Looks like you and hubby need money.

https://forum.freeadvice.com/showthread.php?p=1652120#post1652120

 

[BlondiePB]

Blondie,

You have the patience of a saint You are trying really hard to get someone to understand something she obviously has no interest in hearing. My heart goes out to you, because you obviously HAVE THE EXPERIENCE in dealing with such matters, but she is hell bent (IMO) on getting her hands on that money so that she can do things that she is supposed to do AS A PARENT anyway. Guitar lessons - your responsibility, summer camp - your responsibility, etc. Sound advice goes in one ear and out the other, what she wants to hear, she retains. Let her get hauled into probate court and deal with it then.

I just have a feeling that if the OP gets her way sonny boy will have $0 by the time he reaches the age of majority because mom will (no matter what you say now, or how you have edited your post, I saw the original one) spend every dime. OP, sorry, I just feel like you are a little upset that the money was left to your son as opposed to you (that was one of your FIRST sentences) because you were counting on it going to you. I absolutely don't understand what the harm is in checking with the court and putting the funds in a trust that CANNOT BE TOUCHED BY ANYONE (that's what a responsible parent would do ANYWAY) until the child reaches the age where he can decide what he wants to do with it, with an adult mind.

Thank you. What keeps my sanity with my "elder kids" is reminding myself that "they know not what they do."

leelisa needs money.

 

[anteater]

Thank you. What keeps my sanity with my "elder kids" is reminding myself that "they know not what they do."

leelisa needs money.

Checking the other posts, you may be right. And the tone of the original post left me uneasy. I am not disagreeing with you regarding guardianship.

There is this yawning information void between the bequest/will instructions and the opening of the UTMA account, which I was trying to get at with my second response.

Or, put another way, how did things get from the wording of the will - "I appoint my executor as the guardian of any property... to use both income and principal for the minor's comfortable support and complete education..." - to an UTMA account with you as custodian?

But, given the length of probate and who the personal rep is, I just think that it is likely that the court has approved the distribution in this manner. I can't see a VP in a bank trust department, and, as far as can be surmised, a stranger in another state to leelisa, taking actions that would create liability for themselves.

(Have I put enough hedge words in here?)

 

[BlondiePB]

Checking the other posts, you may be right. And the tone of the original post left me uneasy. I am not disagreeing with you regarding guardianship.

Tapping out their money sure does spell all this out on why she is hell bent on getting her hands on money.

There is this yawning information void between the bequest/will instructions and the opening of the UTMA account, which I was trying to get at with my second response.

Yep, that was just after my post that caught all the shenanigans.

But, given the length of probate and who the personal rep is, I just think that it is likely that the court has approved the distribution in this manner.

Nope, not once was a court order mentioned allowing the money to be released. I'll wager my clairvoyant helmet on this one.

The fiduciary "hats" here are not being separated by the individual wearer of them.

I can't see a VP in a bank trust department, and, as far as can be surmised, a stranger in another state to leelisa, taking actions that would create liability for themselves.

leelisa is pulling a fast one here to get money. Just 'cause the controller of the funds is a bank VP, that does not mean the VP is "up to snuff" here. I've dealt with VP of bank branches. Not all of them understand.

(Have I put enough hedge words in here?)

 

[leelisa]

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 am very ignorant when it comes to these things, I have never had to deal with a will before.

I don't understand the lingo you use or the legal jargon. This is why I never use forums like this, you get what you pay for, which was nothing for me. 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.