AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
Question My mom is the custodian of a savings account for my son (California). It is at a bank and is in CD's. What would happen if my mom were to die. What happens with the disposition of the account? Thanks
Answer Sierra, You should check the version of the Uniform Transfers to Minors Act in effect in your state.The bank may help you with this if not you can probably find on-line info.
In general, if a custodian dies without having effectively designated a successor and the minor is 14 years old or older, the minor may designate as successor custodian an adult member of the minor's family.
If the minor has not yet attained the age of 14 years upon the death of the custodian, the guardian becomes the successor custodian under the laws of some states. If there is no guardian, an adult member of the minor's family (you the mother) may petition the court to designate a successor custodian.
Note that a parent of the minor is not the minor's guardian unless so designated by the court, in most states, the Probate Court. Hope this is helpful. Jim
