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Become A Guardian of the Property NYC Inherited By A Minor

Become A Guardian of the Property NYC Inherited By A Minor

A minor cannot possibly make his or her financial and medical decisions hence a legal guardian has to be appointed especially when the parent dies or is unable to make decisions for him or her. Article 17A guardianship under NY law says it more briefly and a petitioner can file this in a family court or local surrogate’s court. Parents can name the guardian in their Will so the said person (often from the family) can look after their kids once they are gone or medically unfit.

However, things get more complicated when parents leave their estate to a minor or the kid receives more than $10,000 from an inheritance.  In that case, family members can file a petition for guardianship of the property inherited by a minor in the local surrogate’s court. Thus, the guardian will control the money and property aside from that the guardian or anyone else cannot withdraw money without the court’s approval.

Why Step Up To Become A Guardian of The Property Inherited By A Minor?

When parents face premature death, they often leave too much or the entire estate to their kids even when they are not ready to bear the responsibilities. To handle situations like these the surrogate’s court wants someone from the child’s family to setup capable of administering the inheritance on behalf of the minor until they reach 18. According to New York Law, once a child enters the age of majority he or she becomes an adult in which case a guardianship of the property can be terminated. 

As a guardian of the property inherited by a minor, you will be responsible for collecting money, life insurance, retirement proceeds, and annuities on behalf of the minor. However, the court can decide to have an SCPA Article 17 Guardian of the Property designate to act on the minor’s behalf so you should file a petition before this happens. Following their appointment, the Guardian of the property of a child in New York will need to gather the funds and deposit them into an account jointly opened with the court clerk. Collaboratively placed funds with the court clerk are not investable and are not easily removed. In actuality, a court order is required to withdraw them. As we have said before, you may wish to participate in the estate planning process and draft your will with a trust attached to prevent having funds paid jointly with the Chancellor of the Court. 

Procedure for Petitioning For Guardianship

Similar to administering an estate and probate, jurisdiction over all relevant persons must be established. This can be done by serving a citation or by using waivers and consents. In a guardianship process, jurisdiction over the following persons must be established by SCPA §1705:

  1. The minor’s parent if living must be served by the proposed guardian of the property of a child within its own home. If you are qualified in this area, you can provide these services to grandparents who are in the same vicinity or state.
  2. You have to take legal custody of the child and if the child lives with someone (grandparents) then you have to serve them too
  3. Even if the child is over 14, you will have to serve him or her

Remember you have to send notice to the other interest parties present in the court who wish to take the guardianship of the property inherited by a minor. But if you are deprived of your civil rights or commit crimes you will lose the legal custody of the child.

The court will first see the best interest of the child before deciding on a guardian. If other parties have doubt about your intention or see you not fit for the task, the court will hold a hearing to determine which party is suitable for the task.  

If you need help to become a guardian of the property of a child legally, you can talk to our licensed local estate attorney in NY or family lawyer at Roman Aminov, P.C.

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