For a child whose parents are deceased but leave behind a savings account, etc. what happens to the money? A Google search tells me some states at least attempt to get the child’s social security, etc. to pay for the child’s care, but unsure on which states or which assets that applies to.
Once someone becomes a legal guardian/parent to the child, do they get control over the assets?
For those interested, this has no real life application. Was just reading Batman and thinking of Dick Grayson, who was traditionally a ward of Batman’s (later adopted in adulthood), and wondering how that plays out in the present day instead of 1940. He (post-Crisis) was a ward of the state for a time, so I’m trying to figure out what would happen there. Also, could he still be a ward of Bruce Wayne’s (rather than a ward of the state in Bruce’s home) with today’s laws?
Wouldn’t mind answers for New York, too, since Batman was originally set in a NY analog.
If a foster child has assets, they are protected until the minor is no longer a minor. There are some tricky exceptions to this but way beyond my knowledge. Generally speaking the foster parent(s) have no access to the foster child’s assets.
As a part of our estate planning, my wife and I have clauses in our bills that designate our estate go into a trust if our kids are under 25 with my brother as trustee. The money is to be used for the benefit of the kids. Presumably if my brother was not able to serve then the court would look for another suitable trustee, otherwise the province would act as trustee.
Don’t know about other states, but in NYS he could still be a ward of Bruce Wayne’s rather than a ward of the state in Bruce Wayne’s home. A “ward of the state” in Bruce Wayne’s home would be a foster child and in that situation the state has the authority to make medical, legal and other decisions. If he was a “ward of Bruce Wayne’s”, then Bruce Wayne would be his legal guardian and have the authority to make those decisions.