The following are common questions that have often
been posed to our office:
Why do funds a minor
is inheriting have to come through Court? back
Whenever a minor is receiving funds from an
inheritance from an estate, insurance policy (where minor is named
beneficiary) or wrongful death settlement (where minor is recipient
of wrongful death proceeds) and the amount is $10,000 or less,
the application must be filed in Probate Court.
Can any of the monies
be spent? back to top
Only with Court authorization, and under limited
What kind of account
needs to be set up? back to top
An account in the sole name of minor to be released
when they reach age 18.
do I have to be appointed guardian when the amount is over $10,000?
back to top
If the gross settlement is over $10,000.00,
then a guardian of the estate must be appointed to file the application.
If the amount is less than $10,000 a parent or custodian may file
the Application for Approval of the Settlement