I am assuming that your son is under age 18. If he is under 18, you will need to apply for guardianship of your son's estate. You will need to be appointed guardian by the probate court before you can manage the money for him. You will need to make the application in probate court in the county where your son lives. A guardian is required to make sure that your son's money is protected for him, and that it is not used for the benefit of anyone else.
After you apply, the court will hold a hearing to determine if your son needs a guardian and if you are suitable to manage his financial affairs. If appointed, you will likely be required to place the money into a custodial account and you will need to get court permission before using any money for your son. You will also be required to report to the court on an annual basis about how you are managing the money.
I suggest that you contact a probate lawyer in your area to help you apply for guardianship. A lawyer can guide you through the process and help to make sure that you are meeting the court requirements after you are appointed guardian.
Tonya R. Coles
Elder Law -- Estate Planning -- Probate
www.tonyacoles.com
Answered on Sep 06th, 2012 at 12:24 PM