Guardianship For Minor Children
A client was referred to me recently regarding annuities that had been left to her daughter by the client-mother's deceased brother through beneficiary designation. The annuities were relatively significant and the client-mother wanted to make some changes with the annuities. She contacted the company and was promptly advised that she could not do anything regarding the annuities unless she was appointed as her daughter's guardian. The client-mother protested and indicated "I'm her mother, of course I'm her guardian."
Not necessarily so. The Connecticut General Statutes Section 45a-631 indicates "A parent of a minor . . . shall not receive or use any property belonging to a minor in an amount exceeding ten thousand dollars." This does not relate to money held in a custodian account but rather property belonging to the minor, outside of a custodial account -- like an annuity contract received from a beneficiary designation. To do anything with the annuity contracts -- the client needed to be appointed by the probate court as the guardian for her minor daughter's estate. So parents, don't just assume. Consult with your legal counsel.
