When a Minor Is Receiving Money from an Estate What Law Says It Has to Be Put in Trust?

Attorney Thomas B. Burton answers a reader question about whether money must be held in a trust for a minor in the state of Wisconsin.



Transcript of Video: When a Minor Is Receiving Money from an Estate What Law Says It Has to Be Put in Trust?


Today's question comes from Kenosha

Wisconsin and the writer asked the

following when a minor is receiving

money from an estate what law says it

has to be put in a trust my children are

heirs to my aunt's estate and each will

receive $8,000 each okay so in general

in Wisconsin a minor which is defined as

anyone under age 18 cannot legally

inherit property so the inherited

property must either be held in a trust

or placed in an UTMA account UTMA

stands for a uniform transfer to minors

act until that person reaches the age of

18 which is the age of majority in

Wisconsin under Wisconsin law it's

possible that you could hold assets in

an UTMA account until age 21 that's the

latest if the person who set up the will

that way or Trust says they want it held

until 21 you can hold it until 21 in an UTMA account if you want to

hold property for

someone longer than age 21 then you need

to set up your own trust to do this and

if you use a trust you can choose

whatever ages you wish so you just

mentioned an estate here and not whether

it's a will or trust I'm guessing it's a

will because you use the term estate and

that that's going into trust for the

minors but perhaps she set this all up

through her own trust either way you're going to

have to follow the terms of what your

aunt put in her will or trust and that

will dictate what age your children

receive the money if the document is

silent then the general age would be 18

if you have questions about this I

suggest you consult with an estate

planning attorney in your area who can

examine the document further and give

you a more complete answer so great

question and thank you for asking!


© 2019 Law Office of Thomas B. Burton. All Rights Reserved.

Transcript and captions provided for ease of access for the hearing impaired.

For questions about this topic, or to suggest a topic for a future blog post, please contact my office.

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