QUESTION
Can I use the estate for my minor child?
Asked on Sep 14th, 2013 on Estate Planning - California
More details to this question:
I have a minor child and he got bitten by a DOG. We won the lawsuit and I am the legal guardian can I use any of his money from his restricted account if need be?
8 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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It depends. There should be a court order telling you what you can spend the money on.
Answered on Oct 29th, 2013 at 12:43 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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No, unless you have a court order authorizing the withdrawal of funds; and if you do withdraw without a court order, you can be criminally charged with embezzlement or theft.
Answered on Sep 17th, 2013 at 7:21 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Is this your natural child? If so, you have a duty of support (food, shelter, clothing) and you can't use the child's money on things you should be providing as a parent. You can use the child's money for special educational opportunities, but you should budget carefully, make sure that money is available for college.
Answered on Sep 17th, 2013 at 12:41 PM
Thomas Edward Gates
You must get a court order to use the funds for your child. Basically, if you wish to spend the money on something you, as a parent would be expected to pay, the court will turn the request down. Medical and educational needs have a good chance of being approved.
Answered on Sep 17th, 2013 at 3:10 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Your clue is in your summary. You have a restricted account. You very likely need to get the permission of the judge before using any of these funds. The judge is very unlikely to allow you to use any of the funds for your normal obligations, as a parent.
Answered on Sep 17th, 2013 at 3:08 AM
Probably not unless you need assistance with his medical expenses, education, or some other issue involving him specifically. There were way too many cases of parents raiding their child's trust for their own needs or, even worse, their personal enjoyment, that states started passing laws establishing pretty severe penalties for those parents. The award is meant to restore the child to some semblance of his/her state prior to the bite.
Answered on Sep 17th, 2013 at 3:03 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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No, unless you can show that it is for his direct benefit.
Answered on Sep 16th, 2013 at 6:28 PM
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Probably not. It is for his benefit when he reaches the age of 18. You are asking for trouble when he turns 18 if the money has been spent and he is looking for it.
Answered on Sep 16th, 2013 at 6:27 PM