Estate Law Questions? Ask an Estate Lawyer.
Hi and welcome to JA. Ray here to help you today.
You could do this several ways.You could open account in your name and then name them as payable on death or beneficiary of the account.If they are still a minor when you decease the parent would have to open up a guardianship on it.If they are of age is passes to them.
You can also open account in your name and specifically will it to the child and name beneficiary of the trust.The beneficiary would convey the funds to the child once they hit age 18 or 21, your choice.You need to name the account in your will, I leave to my grandchild ***** ***** my bank account in the Stevens Bank, Account #1234.You would want a lawyer to prepare such a will with a trust.
These are the two options here to pass it either by naming them as as right of survivor or beneficiary on the account itself at the bank or by including it in your will.Either protects it and gets it to the child when they are at age.
I appreciate the chance to help you today.Thanks again.
If you need local probate lawyer you can locate one here to prepare will..
Thanks again and Happy Easter to you.
Payable-on-death designations for bank accounts
In Colorado, you can add a "payable-on-death" (POD) designation to bank accounts such as savings accounts or certificates of deposit. You still control all the money in the account -- your POD beneficiary has no rights to the money, and you can spend it all if you want. At your death, the beneficiary can claim the money directly from the bank, without probate court proceedings.
Lawyer can also create a living trust if you want to avoid probate.
A living trust (sometimes called an "inter vivos" or "revocable" trust) is a written legal document through which your assets are placed into a trust for your benefit during your lifetime and then transferred to designated beneficiaries at your death by your chosen representative, called a "successor trustee."
If you can positive rate it is always much appreciated.