Bank Account

[Shah]

What is the name of your state? New York

Is there a way to place a minor's name on a bank account where the legal guardian, in this case being the biological father, can not take control of the money but have a Trusttee named in a Will for responsibility of the account?

 

[BlondiePB]

What is the name of your state? New York

Is there a way to place a minor's name on a bank account where the legal guardian, in this case being the biological father, can not take control of the money but have a Trusttee named in a Will for responsibility of the account?

Does this involve money that belongs to the minor?

Why do you want to do this?

 

[Dandy Don]

She apparently doesn't want the father to be able to get his hands on this money under any circumstances.

You could set up the money in a trust that you create and with a trustee that you determine (an individual you designate, or if you prefer the trust department of a bank could handle it for you). But this trust account would not necessarily need to be mentioned in the will, since trusts and wills are 2 separate matters, but you could mention it there if you wanted to. Please get professional assistance from a certified financial planner or from a bank trust department when you set this trust up to make sure everything is done legally and correctly and to reinforce your desire that father not be able to get his hands on this money. When done correctly, the money will be distributed to this minor at a time that you determine to be proper, either for living expenses while a minor or saving it until she reaches adulthood.

DANDY DON IN OKLAHOMA (tiekh@yahoo.com)

 

[BlondiePB]

She apparently doesn't want the father to be able to get his hands on this money under any circumstances.

You could set up the money in a trust that you create and with a trustee that you determine (an individual you designate, or if you prefer the trust department of a bank could handle it for you). But this trust account would not necessarily need to be mentioned in the will, since trusts and wills are 2 separate matters, but you could mention it there if you wanted to. Please get professional assistance from a certified financial planner or from a bank trust department when you set this trust up to make sure everything is done legally and correctly and to reinforce your desire that father not be able to get his hands on this money. When done correctly, the money will be distributed to this minor at a time that you determine to be proper, either for living expenses while a minor or saving it until she reaches adulthood.

DANDY DON IN OKLAHOMA (tiekh@yahoo.com)

Well, Dandy Don, I'm going to disagree with you about the trust unless the money does NOT belong to the minor. Knowing whose money this is what matters in this situation and will dictate what can and what cannot be done with it.

Who's money are we talking about?

 

[Shah]

Thank you both and more information regarding this matter

Hi and thank you.
The money is my parent's. It is half of a savings account they have together. Before mom cosulted a lawyer she placed the little minor's name on it. Now I am trying to advise her what the lawyer advised to do which is to take the minor's name off the account but she hasn't done so yet. I was just hoping that the money was safe from the father. From what I understand she can either remove the little one's name and it will go through their Estate/Will or place the "Irrevocable Trust" as their beneficiary.
I was hoping though that the bank wrote it out in their records in a way that the father would not be able to take control of the money.
Thank you.
I hope I make sense.

Does this involve money that belongs to the minor?

Why do you want to do this?

 

[Shah]

Thank you

Hi Don and thank you very much for your advise.
Mom opened a Irrevocable Trust for the minor and placed Life Insurance funds she received for him.
She said she would place the Trust as beneficiary to that Bank account but hasn't done so yet.
Thank you.

She apparently doesn't want the father to be able to get his hands on this money under any circumstances.

You could set up the money in a trust that you create and with a trustee that you determine (an individual you designate, or if you prefer the trust department of a bank could handle it for you). But this trust account would not necessarily need to be mentioned in the will, since trusts and wills are 2 separate matters, but you could mention it there if you wanted to. Please get professional assistance from a certified financial planner or from a bank trust department when you set this trust up to make sure everything is done legally and correctly and to reinforce your desire that father not be able to get his hands on this money. When done correctly, the money will be distributed to this minor at a time that you determine to be proper, either for living expenses while a minor or saving it until she reaches adulthood.

DANDY DON IN OKLAHOMA (tiekh@yahoo.com)

 

[BlondiePB]

The reason I asked why you wanted to do what you were doing is because there are legitimate reasons to remove someone from his/her appointment of guardian of an estate - even a parent.

Since the money involved is not proceeds to the minor child from a pending probate estate settlement, etc. and still BELONGS to mom, the lawyer provided very sound advice. It is best to set up the trust now while your mother is alive. Provisions for further proceeds upon her passing for the minor child can be made in her Will also.

Unless the father of the minor has a court order in his possesion NOW that appoints him as guardian of his minor child's estate, he cannot, legally, access the account. Do have the minor child's name removed from this account.

Should there be some valid and legitimate reason that the father of the minor requires money for the minor child, the father can petition the court for money to be released from the trustee of the trust account. As an interested party, the father of the minor is entitled to an annual accounting of the trust.

Trustees, like guardians/conservators of estate, must be able to account for and answer to the court for every penny.

 

[Shah]

Thank you, more information enclosed with some comments

Thank you much again.
I must tell you that because the minor's mother passed away the father did file with Surrogate Court to become Administrator of his mother's Estate. But I was told that just because he filed for his mother's Estate does not mean he is appointed Administrator of the Estate he may receive from my parents. The lawyer created a Testamentary Trust in the Will that appoints me Trustee of anything left to the minor.
One of the reasons mom wanted it in a Trust was so the father could not come to us crying he has no money for the child, manipulating us with lies, as we know very well he received a good amount of money from the minor's mother's death. The lawyer reassured us the father could not touch the child's money.
I will see that mom removes the child's name.
Thank you.

The reason I asked why you wanted to do what you were doing is because there are legitimate reasons to remove someone from his/her appointment of guardian of an estate - even a parent.

Since the money involved is not proceeds to the minor child from a pending probate estate settlement, etc. and still BELONGS to mom, the lawyer provided very sound advice. It is best to set up the trust now while your mother is alive. Provisions for further proceeds upon her passing for the minor child can be made in her Will also.

Unless the father of the minor has a court order in his possesion NOW that appoints him as guardian of his minor child's estate, he cannot, legally, access the account. Do have the minor child's name removed from this account.

Should there be some valid and legitimate reason that the father of the minor requires money for the minor child, the father can petition the court for money to be released from the trustee of the trust account. As an interested party, the father of the minor is entitled to an annual accounting of the trust.

Trustees, like guardians/conservators of estate, must be able to account for and answer to the court for every penny.

 

[Shah]

Yes Don, we don't want the father touching the money or being able to manipulate anyone to touch it in anyway. Mom wants the minor to receive the funds when he is a certain age and not to be touched. Only I am to decide if he needs it for education then the money needed will be distributed to the schools.
Does an Irrevocable Trust do this. I was reassured it keeps the moneys safe, even from a parent of a minor.
Thank you.

She apparently doesn't want the father to be able to get his hands on this money under any circumstances.

You could set up the money in a trust that you create and with a trustee that you determine (an individual you designate, or if you prefer the trust department of a bank could handle it for you). But this trust account would not necessarily need to be mentioned in the will, since trusts and wills are 2 separate matters, but you could mention it there if you wanted to. Please get professional assistance from a certified financial planner or from a bank trust department when you set this trust up to make sure everything is done legally and correctly and to reinforce your desire that father not be able to get his hands on this money. When done correctly, the money will be distributed to this minor at a time that you determine to be proper, either for living expenses while a minor or saving it until she reaches adulthood.

DANDY DON IN OKLAHOMA (tiekh@yahoo.com)

 

[BlondiePB]

Thank you much again.
I must tell you that because the minor's mother passed away the father did file with Surrogate Court to become Administrator of his mother's Estate. But I was told that just because he filed for his mother's Estate does not mean he is appointed Administrator of the Estate he may receive from my parents. The lawyer created a Testamentary Trust in the Will that appoints me Trustee of anything left to the minor.
One of the reasons mom wanted it in a Trust was so the father could not come to us crying he has no money for the child, manipulating us with lies, as we know very well he received a good amount of money from the minor's mother's death. The lawyer reassured us the father could not touch the child's money.
I will see that mom removes the child's name.
Thank you.

Has the father of the minor child already been appointed as guardian of the minor's estate? This is different than him being the administrator over the child's deceased mother's estate and could, indeed, affect the current bank account that has the minor's child name on it.

 

[Shah]

Minor/Guardina/Administrator

Hi again,
I haven't heard or seen any evidence that appoints him guardian. This would be a separate petition with Surrogate Court than petitioning to be Administrator? His mother left him a UTMA as well and the father's name is now on there, would that mean he is guardian of his mother's estate to him? I would not be surprised if he filed for guardianship. May I ask what are the differences between administrator of a minor's inheritance/estate and guardian of a minor's inheritance/estate?
Thanks lots.

Has the father of the minor child already been appointed as guardian of the minor's estate? This is different than him being the administrator over the child's deceased mother's estate and could, indeed, affect the current bank account that has the minor's child name on it.

 

[BlondiePB]

Hi again,
I haven't heard or seen any evidence that appoints him guardian. This would be a separate petition with Surrogate Court than petitioning to be Administrator? His mother left him a UTMA as well and the father's name is now on there, would that mean he is guardian of his mother's estate to him? I would not be surprised if he filed for guardianship. May I ask what are the differences between administrator of a minor's inheritance/estate and guardian of a minor's inheritance/estate?
Thanks lots.

Perhaps I haven't had enough coffee yet this morning, what does UTMA stand for?

Who is the executor for the deceased mother's estate?

Check on-line records for a guardianship for the child. Just put in the minor child's name. If the court has this recorded into on-line records, it will appear. You will not be able to access the all the records.

There is a difference between the Administrator of the deceased's estate and guardianship of the minor's estate. Furthermore, dad as guardian of his minor's estate does not have access to the child's inheritance without a court order. Dad will not be able to spend the child's inheritance as he pleases.

 

[Shah]

UTMA - Uniform Transfers to Minors Act account

A UTMA account stands for UniformTransfers to Minors Act account. It is an account a parents sets up for a minor for education which the minor becomes owner immediately but receives the funds at age 18, I believe.
Below is some info I found on it.

It's good to know the father can not touch what is rightfully the child's. Thank you.

There was no Will so he filed for administrator of the estate through Surrogate Court.


A Little Background
When people want to transfer assets to a child, they often set up custodial accounts under the Uniform Transfers to Minors Act. This is the successor to the Uniform Gifts to Minors Act ("UGMA"), and some people still refer to them as UGMA accounts although nearly all states now have the newer act. When you put cash or other assets in an UTMA account, the child becomes the owner immediately, but doesn't gain control of the assets until the child reaches the age specified in the law for that state — usually 18 or 21. Most of these accounts are set up by parents, but other relatives or non-relatives can set them up, too.

Hi again,
I haven't heard or seen any evidence that appoints him guardian. This would be a separate petition with Surrogate Court than petitioning to be Administrator? His mother left him a UTMA as well and the father's name is now on there, would that mean he is guardian of his mother's estate to him? I would not be surprised if he filed for guardianship. May I ask what are the differences between administrator of a minor's inheritance/estate and guardian of a minor's inheritance/estate?
Thanks lots.

 

[BlondiePB]

A UTMA account stands for UniformTransfers to Minors Act account. It is an account a parents sets up for a minor for education which the minor becomes owner immediately but receives the funds at age 18, I believe.

Therefore, dad, as trustee, cannot use the money for anything else in this account without permission of the court.

Dad, as executor to the deceased, must follow intestate statutes. When all is settled, any money that is rightfully the minor's child will also be placed in restricted funds. This will be a guardianship of the minor child estate account or another trust account or the UTMA account. The court will verify that dad has, indeed, placed the child's monies in any and all accounts. Dad is accountable and liable for every single penny of the minor's funds. These accounts will require dad to do an annual accounting to the court.


Dad, as trustee or executor, does not have the legal authority to touch the joint account of the minor's grandmother. Dad, as guardian of the minor's estate, does have the legal authorization to access the account with the minor's child name on it. That is why grandmother needs to remove the minor from the account and establish a trust account for her grandchild. Grandma can also have in her will her directives for a trust for her grandchild.

 

[Shah]

Thank you for the info

I'm making a copy of your advice to show mom. And I'm sure "dad" has filed for guardianship of the minor's when the child's mother died. I hope that the courts will indeed monitor the child's right to his mother's estate. The "father" would steal from his own child.
Thanks again for all the information....

Therefore, dad, as trustee, cannot use the money for anything else in this account without permission of the court.

Dad, as executor to the deceased, must follow intestate statutes. When all is settled, any money that is rightfully the minor's child will also be placed in restricted funds. This will be a guardianship of the minor child estate account or another trust account or the UTMA account. The court will verify that dad has, indeed, placed the child's monies in any and all accounts. Dad is accountable and liable for every single penny of the minor's funds. These accounts will require dad to do an annual accounting to the court.


Dad, as trustee or executor, does not have the legal authority to touch the joint account of the minor's grandmother. Dad, as guardian of the minor's estate, does have the legal authorization to access the account with the minor's child name on it. That is why grandmother needs to remove the minor from the account and establish a trust account for her grandchild. Grandma can also have in her will her directives for a trust for her grandchild.