How do I get money from an estate that was to be left to a minor?

UPDATED: Jan 3, 2014

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How do I get money from an estate that was to be left to a minor?

A family member passed away and per the Will, I was awarded a check (which I cashed) and then a check for a minor which I was to be beneficiary on the account. I had to obtain the minor’s SSN before taking the check to the bank. Since then I went to deposit it in a joint account but I got a call from the bank saying that it was rejected. They are refusing to pay out and therefore my bank wants to close the account. I tried to call the lawyer but no response. What do I do?

Asked on January 3, 2014 under Estate Planning, California


Nathan Wagner / Law Office of Nathan Wagner

Answered 9 years ago | Contributor

You will have to talk to the bank and probably also the lawyer to find out what needs to be done. The problem is probably that you set up the wrong kind of account. Instead of a joint account (where you and the child both own the money) you probably needed a trust account (where you, as trustee, manage the money for the child's benefit but you do not have the right to use the money for your own benefit). Talk to your bank and see if they can deposit the check into a trust account for minors.  

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