Q: How do I ensure that my young child will receive my assets upon death? I have named her as beneficiary on all accounts
I'm a single parent, the father is inconsistently involved and I unfortunately cannot trust him. I would prefer not to grant access to monetary accounts, at least not until I pass away. I'm wondering if I can just name a person to oversee these accounts in my will until my child is of age to inherit them, or do I need to do more? If a person is named in my will or added to the accounts for this purpose, would he/she gain access to the accounts before my daughter is 18? Can this person then withdraw from the accounts freely? There are 3 accounts: Roth IRA, Checking & Savings Accounts. I'm also wondering if the person who is awarded custody of my child gains access to my accounts by default (since the child is sole beneficiary) and would be able to withdraw from them? Please help! What are my best options to ensure that my assets are reserved for my child? THANK YOU so much!
A: I can't answer your specific question because we don't have an attorney-client relationship. Generally speaking, I suggest that someone who has children and is worried about any kind of access to the money should consider a trust as a way to have better control over how the money is spent and who can control that money. There are many different ways that trusts can protect assets and also name who can access those funds. A trust also does not have to go through probate, so it's not public. A will does, and that generally makes it available for anyone to view. If you would like to discuss this matter further, please feel free to email me at email@example.com or call me at 617-991-8905.
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