My minor children inherited $150,000 from my great-grandmother. Can I purchase a home for us with this money?

I was told we can use this money for clothing, shelter, education, etc. that will benefit them. Is this correct?

You don't say so, but I'm going to assume that since the children inherited it that you're the conservator to the money as opposed to actually possessing the money.

If the money was actually willed to the children (not to you for the care of the children):

You can petition the court to use some or all of it, and the judge may let you. If you used 100k of it to buy a 100k house, the children would own all of it. Even if you only used part of it, the children would have ownership rights.

Yes, you are their legal guardian unless in the will the great-grandmother left stipulations. But before spending the money on a home, think of several things. Will your children resent you when they are of age because you now have a home bought with their money? I personally would put up the majority of the money for their future. Whether it be for their education, or start up of their own business or just for a nest egg to start life up on. I would really rethink using the money for personal gain.

You really need to talk to a lawyer.

If he gives you the ok to purchase a house (which I doubt would happen) - it has to be in the children's names (it is their money). And basically you would have to pay rent to them to live there.

Again, I think you need a lawyer.

I had a friend who's kid inherited a bunch of money, too. It was all gone within a few months. Kids now hate the parents because they now have nothing.

Put it in a trust fund for them. Let them have it when they become of age. Creates a lot less hassles.

Why do you want to spend their money?
You shouldn't use any of it unless you are living in poverty and there is no other way to obtain food or shelter.

put it in a trust fund for them.

Why do you need a new home?

How about you let him save it for college, so he can become something.

Only if it'a in their name. It's their money so they should have full ownership

its not your money don't touch it