Custodial Bank Accounts

[Mjcpr]

For ****'s sake, does anybody know anything about Custodial Accounts and/or Representative Payee accounts?

Because Bank of America doesn't.

[toast]

Are custodial accounts just for janitors or can anyone have one?

TIA

[Mjcpr]

Anybody can, but you have to keep them clean.

Except at BofA, they don't know what you're supposed to do.

[Frozen Sooner]

Heh. I know what they are, but we don't do 'em. They're a pain in the *** and the bank takes way too much liability.

Tell 'em you want an UTMA account. That might help. Or, depending on what you're trying to do, set up a 529 plan.

[OUDoc]

I was going to say a 528, but you'd better go with a 529.

[toast]

We actually have a custodial account for each of our kids. I'm not sure of all the details, however, because as in most things around my house my wife just brought home the papers and said "sign here".

[Hamhock]

I was going to say a 528, but you'd better go with a 529.


just think how much better served he would be by a 530...

[Frozen Sooner]

just think how much better served he would be by a 530...

Nah. That's way too much 5.

[Mjcpr]

I'm required by the VA to establish one for deposit of my grandmother's VA benefits. I already had her existing account changed to a Rep Payee for SS benefits, this is proving to be more difficult as BofA apparently doesn't know what they require to set up such an account.

[Frozen Sooner]

Ahhh. Gotcha. I was going off the assumption that you needed a custodial account for an UTMA account, not for deposit of your grandmother's benefits.

Do you have a custodial relationship established over grandma? Like court documents and such? If you do, this should be a snap. Go in with the documents and open an account with Grandma as the account holder. Then make sure that the institution understands that Grandma has been declared incompetent and that you are the custodian. They may decline to open the account (like I said-it puts a lot of liability on the institution), but they'll probably work with you.

[BlondeSoonerGirl]

My desk could use some tidying-up, Pat.

[1stTimeCaller]

I can't believe you people are helping Pat steal his grandmother's money.

[Hamhock]

i'm working late tonight, so i'll be here when the janitor gets here. I'll ask him about the account for you.

ywia

[Mjcpr]

Do you have a custodial relationship established over grandma? Like court documents and such? If you do, this should be a snap. Go in with the documents and open an account with Grandma as the account holder. Then make sure that the institution understands that Grandma has been declared incompetent and that you are the custodian. They may decline to open the account (like I said-it puts a lot of liability on the institution), but they'll probably work with you.

I have only a Fiduciary Agreement granted by the VA that allows me to receive this money and pay her bills and whatnot. Nothing that was established by a court though. The VA requires that I set up a Custodial Acct and provide proof of this Custodial Acct to them. I was hoping to be able to keep the existing account but have it also set up/called/designated a CA so I can just keep paying bills out of it. If I have to open another, it will make bill paying more difficult.

Pain in the ***. I would've figured this would be fairly common as there are surely thousands of Fiduciary situations out there.

[Mjcpr]

My desk could use some tidying-up, Pat.

You're a filthy woman, Booty.

[Frozen Sooner]

Well, speaking from the standpoint of the bank, the VA paper means diddly divided by squat. I wouldn't open that account without specific paperwork showing that you have the power to maintain accounts and financial obligations for your grandmother that was non-revokable. Now, if you're not worried about grandma getting into the account and you just want to be able to pay her bills for her, just open a joint account with grandma.

[mikeelikee]

Durable power of attorney worked fine for me, after my mother's dementia progressed to the point she could no longer make cogent decisions. That and the fact that all her assets were in a living revocable trust, and I was co-trustee.

I happen to be a commercial banker, and custodial accounts are a little tricky, I'll grant you.

[OU4LIFE]

528...529, whatever it takes.

[Hamhock]

just mover her in with you. lock her in the back room and make her eat cat food. you can driver her to the bank and make her cash the checks and hand over the moolah. then you could get a cool boat or big screen or something.

[Mjcpr]

I have a boat and a big screen already because that's how I roll.

[Mjcpr]

Well, speaking from the standpoint of the bank, the VA paper means diddly divided by squat. I wouldn't open that account without specific paperwork showing that you have the power to maintain accounts and financial obligations for your grandmother that was non-revokable. Now, if you're not worried about grandma getting into the account and you just want to be able to pay her bills for her, just open a joint account with grandma.

That VA paper is the only thing I have that says I need a Custodial Acct. I have Durable PofA as well, but nobody at BofA has asked for it yet or said I needed that to open a CA.

[Hamhock]

I have a boat and a big screen already because that's how I roll.


cooler boat. bigger screen.

you could pull the boat behind your truck and put the bigscreen in the bed while you cruise 32nd street.

[Mjcpr]

I can think of no better way to pick up high school chicks. :D

[Frozen Sooner]

That VA paper is the only thing I have that says I need a Custodial Acct. I have Durable PofA as well, but nobody at BofA has asked for it yet or said I needed that to open a CA.

'Cause there's no way in Hell I'd open an account that doesn't allow her access to the funds with a power of attorney.

A power of attorney is revokable at will (yes, even a "durable" power of attorney.) A power of attorney is not valid if the grantor is no longer competent. A power of attorney does not survive death.

Again, if you're not worried about her having access to the funds, just open an account with her name on it using the PofA, then add yourself as a joint owner.

[Mjcpr]

The account is already joint ownership, I'm just trying to do what the VA said I had to do.

Thanks for the info.

[OUDoc]

Pat is in charge of his grandma's money.
Signed,
Dr. OUDoc

-----------------------------------------------------------

Print that out, it should be all the proof the bank needs.
You're welcome.

[Mjcpr]

Nobody would believe you're a real doc, Doc.

[OU4LIFE]

shoot, I still don't believe it.

[BlondeSoonerGirl]

Pat is in charge of his grandma's money.
Signed,
Epstein's Mudda

[OU4LIFE]

shoot.

[Hamhock]

Pat is in charge of his grandma's money.
Signed,
Dr. OUDoc

-----------------------------------------------------------

Print that out, it should be all the proof the bank needs.
You're welcome.


if you're a real doc, what's a dicfer?

[Mjcpr]

To pee with.

Signed,

Dr Pat

[Hamhock]

To pee with.

Signed,

Dr Pat


see, just write your own dagned letter.

[OUDoc]

Nobody would believe you're a real doc, Doc.
It's because I never wear pants, isn't it?

[OU4LIFE]

not entirely.