I opened account for granddaughter. After my death, her father will be guardian of the account until she is of age. If he owes back child support and owes court fines, can the money be taken to pay his debts?
If this is an UGMA (Uniform Gifts to Minors Act) account, then it is protected from creditors. However, you need to be sure that her father cannot access the account without a court approving the expense. You may want to consider a trust that will be monitored by the courts.
You are a trustee, and your son will be the successor trustee after you die. Property held in trust is not liable for the personal debts of the trustee. But -- you make sure that there's no doubt about the trust character of the account. Talk to the bank about how best to accomplish that. A Uniform Trust for Minors Account (UTMA) may be the way to go.
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