Can a Minor Spend Their Inheritance in Massachusetts?

Can a Minor Spend Their Inheritance in Massachusetts?

Your child has just inherited a considerable amount of money from a relative. They immediately start talking about all the things they want to buy with their new fortune. As a parent, you are understandably concerned. But do you have any freedom to stop them from squandering this inheritance on trivial things? How much freedom does a minor have in this situation? And what about parents? Can they spend their child’s inheritance?

These are all questions that are probably best left answered by a legal professional. Get in touch with our estate planning attorneys in Massachusetts, and you can make sure that you are approaching this situation in the best way possible. Dealing with a large amount of money can be stressful, especially when these sums are being given to people who do not really understand how to manage their finances. With the help of our experienced attorneys, you can make sure these funds are dealt with correctly.

Minors Cannot Control Their Inheritance
If you are concerned about your child spending their inheritance on sports cars and designer clothes, you can rest easy. In Massachusetts, minors under the age of 18 cannot assume control over their inheritance. This is because the court assumes that they do not have the ability to make sound financial decisions. Minors are not legal adults, but as soon as they turn 18, they gain access to their inheritance.

Who Manages the Inheritance?
If a child cannot access their inheritance until the age of 18, who manages these funds in the meantime? Hopefully, the testator has identified someone to perform this role. It might be the parent of the child, an uncle, or someone else that they trust with financial matters. If you are the parent, do not assume that you will have any control over these funds.

Even if the testator fails to mention anyone to manage the inheritance before the minor comes of age, the parent may not “automatically” play this role. The court will need to step in and appoint a guardian for the inheritance, and there is no guarantee that they will choose a child’s parent. It might seem unthinkable that someone would leave property to a minor without electing a guardian in their will. However, they might have passed away sooner than expected. Perhaps they predicted their passing would occur 10 or 20 years later, assuming that the minor would have reached adulthood by that point.

Can a Guardian Spend a Child’s Inheritance?

Regardless of who ends up acting as the guardian for a minor’s inheritance, they are subject to strict oversight by the court. They must manage a child’s inheritance in a way that serves the minor’s best interest. If they act irresponsibly or in a self-serving manner, they could face serious legal consequences.

Enlist the Help of a Qualified Attorney Today
If you have been searching the Massachusetts area for a qualified estate planning attorney, lookno further than the Law Offices of Johnson, Sclafani & Moriarty. We have considerable experience with various inheritance issues and other estate planning problems, and we can help you. Book your consultation today. 413-732-8356