Welcome back. Our estate lawyer in Cary NC is here to talk more about ways you can leave assets to your minor child. This is one part of a four part series that you can read to learn more about this situation. You can also contact our office to set up an appointment to talk, as well.
Leaving Assets to Minor Children | Estate Lawyer Cary NC
If you have already started estate planning, chances are, you've named a guardian for your minor children. If so, you might assume that the guardian can use inheritance for the child's care. First, the will would have to be probated and then the court will appoint a guardian. Then, the court becomes responsible for the inheritance until the child reaches is the legal age of 18 or 21, depending on what state you live in. Then, that inheritance can be received.
No matter what happens while the child is a minor, once they turn of legal age they will inherit the entire lump sum of inherited money or assets all at once. To learn more about this, contact our estate lawyer in Cary NC.
Unfortunately, leaving real estate, money, investments, stocks or CDs two minor children can be difficult to handle. Because children are not able to conduct business on their own, they're not able to do anything legally when it comes to selling property, business deals or other situations. They cannot legally sign their name as an owner while they are a minor child. If any of this inheritance is needed in a business transaction, the court would get involved and help her detect the child in their best interest.
Remember, this is one of four articles that can help you better understand this matter. Be sure to check back soon for more information!
Eldreth Law Firm, PLLC | Estate Lawyer Cary NC
Do you have a current estate plan in place that hasn't been updated in years? If so, it might be time to revisit it to ensure all information is valid and up-to-date. This task can be just as important as the initial creation of an estate plan. Don't let things become outdated. Call today to start updating your plan.
Also, feel free to contact our office to schedule a consultation with us if you are looking for a lawyer to assist you. We are here to help you with all your legal matters, whether it be estate planning, trademarking, copyrighting, or DWI issues.
To learn more, visit with other blogs in the series, here: