Can a ward of a legal guardian open an account without the guardian or guardian's signature? The ward is incompetent.
An individual who has been ruled incompetent by a court does not have the legal capacity to enter into a binding contract. He or she is much like a minor, but none of the special state laws that allow minors to enter into certain contract types, such as deposit account contracts, will apply to the incompetent. If a bank were to open an account for such a ward, the court-appointed guardian can assume control of the account, or can have it declared void, probably with court involvement.
Published on BankingQuestions.com 9/29/09
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An individual who has been ruled incompetent by a court does not have the legal capacity to enter into a binding contract. He or she is much like a minor, but none of the special state laws that allow minors to enter into certain contract types, such as deposit account contracts, will apply to the incompetent. If a bank were to open an account for such a ward, the court-appointed guardian can assume control of the account, or can have it declared void, probably with court involvement.
