Account for niece

[Mistee]

I need advice as to what kind of account to open for my niece. She is over 30 years of age. She is mentally challenged and would need someone to advise her on how to conduct her spending though I do think she could manage her day to day spending. It would be difficult for her to figure monthly expenses on an ongoing basis without help.

The account I would like to open for her would be an emergency fund or money to be given to her monthly for her support should she not be able to work. She assists with small jobs like washing dishes, cleaning the house, cutting the grass for friends, relatives and neighbors at the present time.

I want to make her aware this account exists for her, but I don't want her to go in and out of it anytime she pleases if possible.

I can manage the account while I am physically and mentally able and alive, it is just when I am not able to help her is where the problem will arise. I wouldn't want this to go through probate either.

Would I have to name a beneficiary other than her to receive and manage these funds?

Thank you I hope I have given you enough information. She has no living parents and no sibings.

[creditcardfree]

I'm not sure specifically, but it seems that you are giving a gift. It may need to be some sort of trust account. You are the trustee, she is the beneficiary. You could name a secondary trustee in the case, of your death.

You may need to talk to a lawyer. A bank may be able to give you guidance on types of accounts, but a legal document would be in order to establish the relationship and details in case of your death...or even hers.

[Mistee]

Thank you creditcardfree. I was looking through the various trusts and wasn't exactly sure which one my wishes for my niece would fall under.

I was watching our Christian Broadcast Station this morning and one of the well-known attorneys in the city mentioned to come in and get a free consultation about anything and he said, "I mean anything!" So I am going to make an appointment and talk this over with him. Christian station should be trustworthy!

Again thank you for taking the time to answer me.

[creditcardfree]

You are welcome. I'm sure you will get good advice. Let us know what the lawyer suggests.

I worked in the mutual fund industry, so there we're always accounts for the benefit of someone else, but in order for us to know whose directions to follow for requests, we needed a legal document that stated who was in charge, ect.

It's wonderful that you are taking care of your niece.

[mom-from-missouri]

Set it up so it requires 2 signatures. Yours and hers. Have it set so that after you pass away, an attorney will manage it for her.