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Reply to "Teenager about to inherit money outside a trust"
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[quote=Anonymous]If you teenager is underage, the money should be placed in an account for the child with someone else having control over the account. You should petition to be appointed as guardian of the child's estate until they turn 18 and then take care of the money as appropriate. Anything you do will need approval from the Court, but it's much better than just handing $100,000 to a teenager. It's going to affect their college admission financial aid, so you will want to get some advice about how to best handle that. The court might approve a trust until they're 25 in order to ensure that they have appropriate financial aid for college. [/quote]
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