Minors (in Georgia, anyone under the age of 18) create two primary issues in estate planning:
A. Minors can’t consent so proceeding in Probate Court will require a court-appointed representative to speak for the minor — yes even if there is a living/available parent.
B. Minors don’t have legal authority to enter into contracts so management of any funds or assets passing to a minor will require an adult or court involvement. In Georgia, this breaks down into two categories:
- A custodian/parent can manage assets of a minor if the total is $15,000 or less (via a custodial account); and
- A Court-appointed Conservator (via a formal Conservatorship process) will be required to manage assets exceeding $15,000.
The expense and delay of Court involvement can be avoided by ensuring that any assets passing to a minor are distributed through a trust.
Bryson Law Firm, P.C., Suwanee, Georgia. Attorney Richard Bryson has over 20 years of experience with investment entities, elder law, estate planning, probate, wills and trusts, tax planning, tax dispute resolution, asset protection, personal injury, business formation and governance, real estate transactions, and Medicaid and VA planning. Contact our Gwinnett County law firm at 404-909-8842 or email@example.com.