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Kids Inheritance Who has the Right? |
My ex father in law passed away 2 years ago with no will, he lived in Florida, my kids (his grandkids) are entitled to a share of the estate. My kids are 16 & 13 and we live in Colorado. The lawyer assigned to my kids have put the money into a savings account until they turn 18, however, no one ever spoke with me or my kids about doing so. As I am their legal guardian shouldn't I and my kids had some say in this? My son was going to use it to pay for driving lessons and a beater car, not to mention winter clothes, my daughter wanted to continue her horse back riding lessons, which do to money issues I told her we would have to quit, she also was look forward to having some good winter clothes. It isn't a lot of money under $4,000. Most of that would have been staying in their own savings accounts anyway, but here they would have access. Thank you all for your answers. As for it being a good start on a college education fund, you must not have read the amount and the kids' ages very closely. Unless the interest rate is 200% it won't even pay for a semester of college let alone the books they would need. As for them not needing it now, clothes are necessary and yes I lack the funds for winter clothing. The others are luxury items but why should my kids be deprived of things they want and want to do if there is a way of allowing it? The estate dictates what happens to the money. If the state wants the money in a trust, then that is where it goes. If there was no will the estate has to go through probate and a judge decides what to do. You don't automatically have a say in the matter. Let the money stay in a savings accounts - they will need it when they turn 18 more than they need it now. The estate dictates the conditions underwhich the money is distributed. Quite common for judges to require the monies placed in trust until the age of majority |
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