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My 17 year old passed away without a will. I am a single mother and want to become administrator of his estate but need to know the laws in order to pursue it. FYI - his estate would include Educational/IRA's that were set aside for his education. Any advice would help. Thank you.
State/Country relating to Question: Texas Already Tried: Tried to speak with attorneys but their fees were too high.
Was your child emancipated at time of death?
No, he was not emancipated. My bank says that they need an EIN number and papers stating that I or someone is the administrator in order to release the funds set aside for his education.
What? who was the custodian for this account? Under the law a minor can not legally own property and can not have a will. Since a minor can not own property, there must be a custodian for his accounts. Typically this is the parent...was this you?
I am the custodian of one of his bank accounts however, this particular account that I've referenced is my mother. She opened up the account for him.
OK, then you will need to work with her. Since the child can not own property, there is not a need to "probate" Mom can contract the bank and move the money. She can provide a death certificate if they like
Attorney
Law Degree, 12 Years of trial experience
Funny, my mother just called me and said that this account is a Cloverdale College Fund with UBS Financial Services. They will release a check in the name of his estate, they need an EIN along with the death cert. According to UBS a minor can own property if it's for their education. BTW, I tried to open an EIN but the IRS wouldn't allow it.
Now I really don't know what to do.
What should be my next course of action?
Now I am confused...was not your mom the custodian? Is so she can move the money as she likes?
Okay, I was trying to help her facilitate the process by applying for the imformation myself. According to UBS, IRS and the like, she cannot touch the money without the information that they are requesting; EIN, court papers that appoints someone to his estate. We'll try another route. Thank you for your time and efforts.