QUESTION
Can a minor control a bank account left by a deceased family member? How?
Asked on Aug 27th, 2015 on Estate Planning - Oregon
More details to this question:
Someone has a minor bank account and his father who is the legal administrator has passed away. Can his mother operate the account if the child is still a minor and must wait until age 18?
6 ANSWERS
Most banks will insist on having an adult's name on a juvenile's account. If the father was appointed by a court to be the adult associated with the account, the court must now appoint someone else. If the father just took responsibility on his own, the mother can now add her name by working with the bank. FYI: the bank account must be used for the purposes for which it was established. The mother can not use the funds for her own purposes.
Answered on Aug 31st, 2015 at 5:23 AM
Business Attorney serving Orem, UT
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Kirton & McConkie A Professional Corporation
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If this is an UTMA or UGMA account, a new custodian will need to be appointed. Contact the institution where the account is held to inquire about procedures for appointing a new custodian.
Answered on Aug 28th, 2015 at 2:22 PM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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An administrator is an appointed office. If the account is in the name of the father as administrator then a new administrator must be appointed. If the father is merely custodian of a minor's account then the financial institution may allow the mother to act as the new custodian, otherwise a custodian must be appointed in the father's estate.
Answered on Aug 28th, 2015 at 8:42 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Generally, assets of minors that haven't been placed in a trust by the deceased are held by the probate court until they come of age.
Answered on Aug 27th, 2015 at 10:41 PM
3 Awards
It depends. She may need to get a guardianship or review the account data at the institution to see if an alternate is named. If not alternate is named it may make sense to let the account sit idle, if it is cash of a small amount rather than incur fees if it cannot easily be handled. This is opinion is solely based upon the facts presented in the inquiry. Additional facts may be important and may change the analysis. If you are uncertain, seek legal counsel. We are not your attorneys. This answer is being offered to assist you in determining if you need to retain legal counsel to assist you, not to resolve your issue through an email inquiry.
Answered on Aug 27th, 2015 at 6:19 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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The minor might be able to take control for him- or her-self. ORS 126.735. Or, if the minor is at least 14 years old, the minor will be able to name Mom as the new custodian. This must be done within 60 days of Dad's death. Otherwise, a petition to the court may be needed.
Answered on Aug 27th, 2015 at 4:27 PM