Minors may not be able to receive assets left to them due to their age. In that scenario, a guardian for the estate of the minor must be appointed. A parent cannot be the sole guardian of a minor’s estate. A co-guardian must be named or a corporate fiduciary alongside the parent. If the appointment of a guardian is not contested, this can be accomplished without a hearing in Bucks County. An inventory of the minor’s estate must be provided to the court however yearly reports are not necessary. Additionally, the guardian or co-guardians must post bond based on the value of the estate coming into their control unless the court feels it is unnecessary. Corporate fiduciaries are exempt from the bond requirement. Disbursements may be made for the minor’s support and education as deemed reasonable by the guardian without further court order.
In some circumstances, it is not necessary to have a guardian of the estate appointed. Specifically, if the minor stands to gain less than $25,000 the court rules permit distribution to a restricted access account. The parent of the child can oversee this type of distribution. The court would order the funds to be deposited into a savings or investment account in the child’s name. Withdrawals are not permitted except by court order. The child then takes control over the account once they are 18 or older.
