Minor Guardianships & Administrations
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Managing the Property and Affairs of a Minor
Unless emancipated, a minor is considered incapacitated under the law. This means that a minor generally cannot hold title to property, and a minor is not able to contract or make binding legal decisions. If a minor inherits property, then a guardianship may need to be established to manage and administer the property for the minor. A guardianship is a formal and supervised administration, where the guardian will be required to account for all activity related to the minor’s assets to the supervising authority.
Depending on the circumstances, there may be alternatives to a supervised guardianship administration. For example, if a Will or Trust authorizes the minor’s property to be distributed to a trust, Uniform Transfers to Minor Act (UTMA) Account, or 529 Account for the benefit of the minor, then the property may be administered for the benefit of the minor in one of those administrations or account types.
If a minor is inheriting property, it is important to understand the distributions options and alternatives available to the minor, as well as who may manage the property for the minor until adulthood and his or her responsibilities and duties. If you are a parent or guardian of a minor, or a fiduciary for an estate with a minor beneficiary, Lucey Law, PLLC can help you understand your distribution options and explain the responsibilities and duties of whoever manages the minor’s property.
If you need to obtain legal authority to manage property for a minor, for example by establishing a Minor Guardianship, Lucey Law, PLLC can assist you with this process.
If you are a Guardian for a minor, or managing property for a minor in a UTMA Account, 529 Account, trust, or otherwise, Lucey Law, PLLC can assist and advise you as to how to appropriately manage the minor’s property and affairs and minimize your personal liability.
Finally, if you are concerned on behalf of a minor regarding the administration of a Guardian, Trustee, Custodian, or other fiduciary for a minor, Lucey Law, PLLC can help you obtain information and protect the minor’s interests and property.
We are here to assist with all types of administrations
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Estate Administration
When someone passes away, a Personal Representative (or, an Executor, if there is a Will; an Administrator, if the estate is intestate), may need to obtain official authority from a Court to collect and administer the decedent’s assets. If you are an Executor, Administrator, or Personal Representative, we can assist and advise you as to how to appropriately administer the Estate and minimize your liability. If you are a beneficiary of an Estate, we can assist and advise you as to your rights and how to protect your interests.
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Trust Administration
A Trustee of a Trust is responsible for administering the Trust consistent with the Trust’s terms and the applicable law. If you are a Trustee, we can assist and advise you as to how to appropriately administer the Trust and minimize your liability. If you are a beneficiary of Trust, we can assist and advise you as to your rights and how to protect your interests.
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Guardianships, Conservatorships, and Incapacity management
When an individual becomes unable to manage his or her financial and medical affairs, someone will need to step in to assist. If the incapacitated person has medical and financial powers of attorneys, his or her Agent may be able to take over these responsibilities. If not, a Court may appoint a Guardian to manage the individual’s bodily decisions, and a Conservator to manage the individual’s financial affairs and rights. If you are an Agent, a Guardian, or a Conservator, we can assist and advise you as to how to appropriately manage your principal’s or ward’s affairs and minimize your liability.
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Minor Guardianships & Administrations
A minor generally cannot hold title to property, and a minor is not able to contract or make binding legal decisions. If a minor inherits property, then a guardianship may need to be established to manage and administer the property for the minor. Depending on the circumstances, there may be alternatives to a guardianship, for example, a trust, UTMA Account, or 529 Account for the benefit of the minor. If a minor is inheriting property, we can help you understand the distributions options and alternatives available, as well as the responsibilities and duties of the person managing the minor’s property.