QUESTION
Can my boyfriend open his bank CD if both of his parents are now deceased even though he's not yet 21-year-old?
Asked on Aug 12th, 2013 on Estate Planning - Washington
More details to this question:
My boyfriend just found out that he has a bank CD in his name but cannot access it until he is 21. Is there a way around this considering both of his parents are now deceased?
8 ANSWERS
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Maybe, but it won't be worth the time or trouble.
Answered on Aug 20th, 2013 at 9:48 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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No. If the account is set up to pay out only upon his turning 21, then he needs to wait. It sounds like the account was set up under the Uniform Transfer to Minors Act, (UTMA), and that is the rule.
Answered on Aug 20th, 2013 at 9:48 PM
3 Awards
Maybe. He should consult with the bank on the type of account that was established.
Answered on Aug 20th, 2013 at 9:48 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Boyfriend needs to consult a probate lawyer to possibly do a small estate petition and affidavit.
Answered on Aug 20th, 2013 at 9:48 PM
2 Awards
Possibly. It depends on what the will says and/or the type of CD the parents purchased. It's usually a bad idea to cash out a CD before the CD has matured, however.
Answered on Aug 20th, 2013 at 9:48 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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He will have to talk to a representative of the bank and see if there is any way to get the money into his name.
Answered on Aug 20th, 2013 at 9:48 PM
He could petition a court for permission to access the money but will probably need to show some immediate, important need such as tuition or medical expenses.
Answered on Aug 20th, 2013 at 9:48 PM
Thomas Edward Gates
Sorry, he needs to wait until he is 21.
Answered on Aug 20th, 2013 at 9:48 PM