Guardian of estate of minor

[Anonymous]

Has anyone here had any experience as a guardian of the estate of a minor?

I’m in the process of petitioning the court to become successor guardian because the appointed guardian died, but I’m having second thoughts.

The guardian account is with Ed Jones and will transfer to the minor in less than two years. Current balance is $450k, in CDs only. Could it just remain at Ed Jones until the minor is of age? All the statements show no fees charged in the entire time since the account was established in 2016, which I find hard to believe. Avoiding fees was the main reason I wanted to petition. I planned to move the assets to Fidelity, where I will establish a separate custodial account for the same minor for a forthcoming inheritance.

It took me months to get a lawyer, months to get consent from the minor’s parent and now, after everything was filed, the court says it won’t accept a signature on one of the printed documents because it’s not clear enough.

I’ve already paid the lawyer $1200 for the petition and am not able to spend much more.

Any advice would be greatly appreciated.

[Anonymous]

I would leave it alone because the child is turning 18 soon.
I am a parent who won't apply for a guardian of the estate of a minor. I also hope the court won't be looking for me. I don't even care what happens to the money. I know that the life insurance is held at the company until the child is 18.
It was impossible to find a lawyer. Without lawyer I couldn't get insurance. Without insurance I couldn't even get past the court service desk to file the papers. It got even more complicated when court secretary tired to help; not worth my time or energy.
Unfortunately we have 8 year to 18 and by that time, the money is worth half of what it is now.
After spending months trying to figure this all out, I have given up. I really don't know where the money will go after the estate is closed. The child is the only heir.
I cannot believe they start 'protecting' the child's money by having us spend it on a lawyer, insurance, and the other parent taking days off from work to figure it all out in the court.
The one lawyer family found to help with the estate knows nothing about the process.
Good luck, but staying out if it may be the case thing.

[Anonymous]

Let the parents do it. Why are you involved?

[Anonymous]

Anonymous wrote:I would leave it alone because the child is turning 18 soon.
I am a parent who won't apply for a guardian of the estate of a minor. I also hope the court won't be looking for me. I don't even care what happens to the money. I know that the life insurance is held at the company until the child is 18.
It was impossible to find a lawyer. Without lawyer I couldn't get insurance. Without insurance I couldn't even get past the court service desk to file the papers. It got even more complicated when court secretary tired to help; not worth my time or energy.
Unfortunately we have 8 year to 18 and by that time, the money is worth half of what it is now.
After spending months trying to figure this all out, I have given up. I really don't know where the money will go after the estate is closed. The child is the only heir.
I cannot believe they start 'protecting' the child's money by having us spend it on a lawyer, insurance, and the other parent taking days off from work to figure it all out in the court.
The one lawyer family found to help with the estate knows nothing about the process.
Good luck, but staying out if it may be the case thing.

What do you mean you couldn't get "insurance" without a lawyer? Do you mean "bond?" You don't need a lawyer to get a bond. Google "guardianship bond [state]" and a bunch of options will pop up. They're usually not expensive. Why will the money will be worth half of what it is now by the time the kid is 18? Not if it's an insured interest bearing account. It is clear that you don't understand the process, but I can't believe you've spent much time at all trying to figure it out. Don't screw your kids out of money that should be theirs because you're too lazy to figure it out and don't want to pay for a lawyer.

[Anonymous]

You spent $1200 to become the guardian because you wanted to invest in things with lower fees...but everything was in CDs that didn't charge any fees? That doesn't seem like a good use of money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would leave it alone because the child is turning 18 soon.
I am a parent who won't apply for a guardian of the estate of a minor. I also hope the court won't be looking for me. I don't even care what happens to the money. I know that the life insurance is held at the company until the child is 18.
It was impossible to find a lawyer. Without lawyer I couldn't get insurance. Without insurance I couldn't even get past the court service desk to file the papers. It got even more complicated when court secretary tired to help; not worth my time or energy.
Unfortunately we have 8 year to 18 and by that time, the money is worth half of what it is now.
After spending months trying to figure this all out, I have given up. I really don't know where the money will go after the estate is closed. The child is the only heir.
I cannot believe they start 'protecting' the child's money by having us spend it on a lawyer, insurance, and the other parent taking days off from work to figure it all out in the court.
The one lawyer family found to help with the estate knows nothing about the process.
Good luck, but staying out if it may be the case thing.

What do you mean you couldn't get "insurance" without a lawyer? Do you mean "bond?" You don't need a lawyer to get a bond. Google "guardianship bond [state]" and a bunch of options will pop up. They're usually not expensive. Why will the money will be worth half of what it is now by the time the kid is 18? Not if it's an insured interest bearing account. It is clear that you don't understand the process, but I can't believe you've spent much time at all trying to figure it out. Don't screw your kids out of money that should be theirs because you're too lazy to figure it out and don't want to pay for a lawyer.

Please list companies offering a bond that doesn't want me to have a lawyer. Two companies said the amount was too big for them to do it without a lawyer. Googling gives the same answer because of the amount involved.
Please list a lawyer that can take the case. I had lawyers looking for lawyers. Never got to talking about money.
Paying someone was not the problem originally (well, until I did the math).
Paying for bond, lawyers, and wasting my time for 8 years equals leaving the money where it is. I actually think dealing with all this will cost us a lot more.
The buying power of the life insurance money will be half of in 8 years. No Hysa will help. I double small amounts monthly; what do I care about high interest account.
The kid is not lacking money.
I'll see what courts do. They may never even call me.
I stayed away from closing the estate and it is the best decision I could make.

[Anonymous]

If you're in VA it looks like you generally need an attorney, if I'm understanding what OP is saying:
https://www.bondability.com/VA-bonds/Administrator-or-Executor-Bonds-in-Virginia

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would leave it alone because the child is turning 18 soon.
I am a parent who won't apply for a guardian of the estate of a minor. I also hope the court won't be looking for me. I don't even care what happens to the money. I know that the life insurance is held at the company until the child is 18.
It was impossible to find a lawyer. Without lawyer I couldn't get insurance. Without insurance I couldn't even get past the court service desk to file the papers. It got even more complicated when court secretary tired to help; not worth my time or energy.
Unfortunately we have 8 year to 18 and by that time, the money is worth half of what it is now.
After spending months trying to figure this all out, I have given up. I really don't know where the money will go after the estate is closed. The child is the only heir.
I cannot believe they start 'protecting' the child's money by having us spend it on a lawyer, insurance, and the other parent taking days off from work to figure it all out in the court.
The one lawyer family found to help with the estate knows nothing about the process.
Good luck, but staying out if it may be the case thing.

What do you mean you couldn't get "insurance" without a lawyer? Do you mean "bond?" You don't need a lawyer to get a bond. Google "guardianship bond [state]" and a bunch of options will pop up. They're usually not expensive. Why will the money will be worth half of what it is now by the time the kid is 18? Not if it's an insured interest bearing account. It is clear that you don't understand the process, but I can't believe you've spent much time at all trying to figure it out. Don't screw your kids out of money that should be theirs because you're too lazy to figure it out and don't want to pay for a lawyer.

Please list companies offering a bond that doesn't want me to have a lawyer. Two companies said the amount was too big for them to do it without a lawyer. Googling gives the same answer because of the amount involved.
Please list a lawyer that can take the case. I had lawyers looking for lawyers. Never got to talking about money.
Paying someone was not the problem originally (well, until I did the math).
Paying for bond, lawyers, and wasting my time for 8 years equals leaving the money where it is. I actually think dealing with all this will cost us a lot more.
The buying power of the life insurance money will be half of in 8 years. No Hysa will help. I double small amounts monthly; what do I care about high interest account.
The kid is not lacking money.
I'll see what courts do. They may never even call me.
I stayed away from closing the estate and it is the best decision I could make.

There’s something you don’t understand or there’s something you’re leaving out. The amount is too big to get a bond but it’s also not worth the legal fees and your time? I got a bond for an estate worth many millions and it cost a few hundred dollars. I suspect you don’t need a lawyer, per se, but what you do need is a trust set up. There is also something strange you’re not telling us of you’re having that hard of a time finding representation. What you’ve described is not a complicated or unusual situation. It’s just a lot of paperwork and it sounds like you don’t want to do it. That’s fine, but how will you feel when the kid is 18 and finds out that their money is gone because you couldn’t be bothered?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would leave it alone because the child is turning 18 soon.
I am a parent who won't apply for a guardian of the estate of a minor. I also hope the court won't be looking for me. I don't even care what happens to the money. I know that the life insurance is held at the company until the child is 18.
It was impossible to find a lawyer. Without lawyer I couldn't get insurance. Without insurance I couldn't even get past the court service desk to file the papers. It got even more complicated when court secretary tired to help; not worth my time or energy.
Unfortunately we have 8 year to 18 and by that time, the money is worth half of what it is now.
After spending months trying to figure this all out, I have given up. I really don't know where the money will go after the estate is closed. The child is the only heir.
I cannot believe they start 'protecting' the child's money by having us spend it on a lawyer, insurance, and the other parent taking days off from work to figure it all out in the court.
The one lawyer family found to help with the estate knows nothing about the process.
Good luck, but staying out if it may be the case thing.

What do you mean you couldn't get "insurance" without a lawyer? Do you mean "bond?" You don't need a lawyer to get a bond. Google "guardianship bond [state]" and a bunch of options will pop up. They're usually not expensive. Why will the money will be worth half of what it is now by the time the kid is 18? Not if it's an insured interest bearing account. It is clear that you don't understand the process, but I can't believe you've spent much time at all trying to figure it out. Don't screw your kids out of money that should be theirs because you're too lazy to figure it out and don't want to pay for a lawyer.

Please list companies offering a bond that doesn't want me to have a lawyer. Two companies said the amount was too big for them to do it without a lawyer. Googling gives the same answer because of the amount involved.
Please list a lawyer that can take the case. I had lawyers looking for lawyers. Never got to talking about money.
Paying someone was not the problem originally (well, until I did the math).
Paying for bond, lawyers, and wasting my time for 8 years equals leaving the money where it is. I actually think dealing with all this will cost us a lot more.
The buying power of the life insurance money will be half of in 8 years. No Hysa will help. I double small amounts monthly; what do I care about high interest account.
The kid is not lacking money.
I'll see what courts do. They may never even call me.
I stayed away from closing the estate and it is the best decision I could make.

There’s something you don’t understand or there’s something you’re leaving out. The amount is too big to get a bond but it’s also not worth the legal fees and your time? I got a bond for an estate worth many millions and it cost a few hundred dollars. I suspect you don’t need a lawyer, per se, but what you do need is a trust set up. There is also something strange you’re not telling us of you’re having that hard of a time finding representation. What you’ve described is not a complicated or unusual situation. It’s just a lot of paperwork and it sounds like you don’t want to do it. That’s fine, but how will you feel when the kid is 18 and finds out that their money is gone because you couldn’t be bothered?

Their money isn't going to be gone if it's in CDs. It might not be as much as if it were wisely and luckily invested, but that's not the end of the world, especially since the kid is almost 18. OP investing it unwisely or unluckily, and racking up a lot of legal fees and insurance premiums and charging them to the trust could easily be worse.