What is a guardian’s obligation regarding the distribution an inheritance?

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What is a guardian’s obligation regarding the distribution an inheritance?

My grand daughter was left a sizable amount of money by her estranged deceased father. I am to be appointed guardian of her estate as she is a minor (5 years old). What guidelines do I have to abide by for the distribution of money for her education and well-being?

Asked on February 5, 2012 under Estate Planning, Pennsylvania

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Were the funds left to her outright or were they left ina trust?   If in a trust then the terms of the trust will guide you. If they were not then the law generally gives you great latitude to care for her necessities as well as her education. If the amount is as you say sizable then I would consult with a reputable investment company and an attorney on the matter.  You will have some reporting obligations and tx filing obligations as well.   Good luck.     


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