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  Home >> Special Situations >> Minors  
Custodian of Account Dies; What About Account?

My minor daughter has an account with her father as the custodian. He and I never married. He was killed in a car accident; what happens with the account?


There are provisions in your state's Uniform Transfers to Minors Act allowing for the appointment of a new Custodian. The following is generally the way that most states' Uniform Transfers to Minors Acts handle the situation. You'll have to know what language is contained in your state's version of the law.

If the minor is fourteen or older, he or she can designate an adult member of his or her family, his or her guardian or a trust company as guardian. If the minor is not yet fourteen years old, or if the minor fails to act to name a custodian within sixty days, the guardian of the minor becomes custodian. If there is no guardian, or the guardian declines to act, the person who transferred the funds to the minor in the first place, or a member of the minor's family, or another interested person may ask the court to name a custodian.

Published on BankingQuestions.com 3/16/09