What happens to the money after I die?

Question

I have a savings account that I put in trust for my daughter. What happens with the money when I die and she's still a minor?

Answer 1

well its still hers. i believe who ever gets custody of her would have access to the money. you need to let the bank know in case of your death who you want to be able to access your account.

Answer 2

The money is owned by the trust, even after you die. Make sure you have someone named (could even be a bank or a close friend) that will take care of the money after you die. Generic forms for this can be purchased at a book store for a few bucks and using these you can spell out exactly what you want done.

Answer 3

having the savings account in trust is good.
you might also want to create a living trust and put the savings account and cars in it (all assets actually). there is software that you can buy to create your own.

this way, the trust owns everything, and you own the trust. You can decide how everything is to be divided in the trust. And you can change it at any time.

it avoids probate.
Probate means the courts will oversee the distribution of your assets. someone will be assigned to carry out the instructions of the will (if you have one) but they can take a fee

Answer 4

There are many different types of trusts and ways to set up the distribution of your assets for when you die. Talk to your bank or a person who specializes in Trusts and find out the real answer from the people who get paid to know this.

Answer 5

Best to have a will, but with virtually any saving or investment account you will be able to specify what happens to that money. When you create the account (or you can add this later), you specify a beneficiary, joint owner, trust, etc. Check with your financial institution for exact details and set up.

Answer 6

Well if she is still a minor when you die- it would be placed in the care of her guardian until she turn of age-- you can also put a clause on it so only she can withdraw from it.

Answer 7

if there is inheritance tax she will suffer as its something like 30% in most countries, best thing you can do is open a bank acc, in her name and out it all in with instructions that it can only be a deposit acc, till she is 18

Answer 8

check with the bank. it will probably be put in a trust for her until she is old enough.

Answer 9

it'll probably go in a trust. you may need to talk to an attorney.

Answer 10

It should be stipulated in your Will where your assets will go. If you have no Will, the state or prov. gov't can claim it. "MAKE SURE YOU HAVE A WILL". (cksq)