In this Elder Law Minute, Paige Fox explains how an estate plan serves as an important “insurance policy” that we know for certain we will utilize someday.
In this Elder Law Minute, Kaye DeSelms Dent explains the importance of planning for minor beneficiaries in your estate.
Video Transcription:
Hi, I’m Kaye DeSelms Dent with Dent Coulson Elder Law, here with an Elder Law Minute for you. These videos are intended to educate you about the elder care journey—which begins earlier in life than you might think. We hope you find them useful, and if you have further questions, please call us at Dent Coulson Elder Law.
Today, I’m going to talk to you about planning for beneficiaries who are minors—meaning under the age of 18.
I often have clients ask, “What happens if my grandchildren inherit because a child of mine predeceases me?” Or, “If I leave assets directly to my grandchildren—even if their parent is still living—who will be in charge?”
Generally speaking, if a minor inherits money—whether from an estate, a personal injury settlement, or any other source—one or both of their parents will typically have to file for guardianship through the court in order to manage those funds.
But that parent might not be the person you would want managing the money. That’s why it’s often appropriate to set up a trust for the child’s benefit, or to use other legal designations to control how those assets are managed.
The details matter—and there are many different scenarios that can play out, more than I can fully cover in a single Elder Law Minute. But here’s the takeaway:
If there’s any possibility that your beneficiaries could be underage when they inherit from you, you should speak with a qualified estate planning attorney. It’s important to understand the consequences of your choices and to ensure that your estate plan supports your wishes and protects the ones you love.
Here at Dent Coulson Elder Law, we’re always happy to help. Give us a call to schedule a consultation today.
Contact Us for Assistance
Thank you for watching our Elder Law Minute. If you need help with powers of attorney or any other estate planning needs, please call Dent Coulson Elder Law.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
