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Where can i find a form online to Appoint a Successor Custodian over a bank account, or would i need an attorney?
Anonymous4 views3 answers
The bank wouldnt allow me to take out money that was left for me due to the custodian being deceased and said i would need to have a court order to appoint a successor custodian.
You do not say if you are 18 or over. My answer assumes you are.
Custodians of UTMA accounts are named by the account holder when the account is opened. I'd need to do some research here to make sure my knowledge is up to date, but my memory is as follows (may have been revised) ...
The account is the property of the beneficiary of the account. Accounts could be set up for either age 18 or 21. If you are over 21, it is your account. You should be able to take a copy of the custodian's death certificate and your birth certificate and/or driver license to the bank, and they should release the funds. If not, it gets murkier and more complicated.
Under the old law, if a custodian died without having effectively designated a successor and the minor was 14 years old or older, the minor could designate as successor custodian an adult member of the minor's family, or his or her guardian.
If the minor didn't name a new custodian, the guardian became the successor custodian. If there is no guardian or the guardian declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family, or another other interested person may petition the court to designate a successor custodian.
But once you are 18, there is no guardian, which is why I think the bank should release the funds to you. If they won't, and if you are trying to pay a lawyer to file an action in Cuyahoga County Probate court, it would be worth your time to go to the probate court and ask to speak with a magistrate. Before you go, get a copy of your birth certificate and the custodian's death certificate. Explain your problem to the magistrate, who has probably seen this issue before and may be able to find a way to help you. If the magistrate won't help (and he or she may not if there is no action pending in the court), you may find a sympathetic clerk.
Of course, if you are not yet 18, you have a guardian and the guardian can speak with his or her lawyer about petitioning the court to appoint him or her as custodian of the account.
Your question has made me curious about the current law on this point. I'll try to find time to do a little research and check back in to over the weekend.
If you are 21 or older (or 18 or older if the account was set up to terminate at 18), then you should not even need the deceased custodian's Certificate of Death.
Ditto to the above very comprehensive answers. When you say "the bank," I assume you are talking about a bank clerk. If you are over the age of 18, then you should have no problem. If the bank still refuses, ask to see a bank officer or the branch manager. Sometimes the problem is the person you are dealing with doesn't actually know the answer to your question and is dealing with it the same way that they dealt with it the last time the question was asked. Courts don't get involved with these types of accounts because they are specifically intended to be self-effecting. Good luck to you.