Q: Wife opened bank account for young daughter with herself also listed. Wife died. Daughter now 20, access without court?
Account type is a savings account. Only my daughter and my late wife are listed on the account. Daughter’s name is listed first and daughter treated as owner for interest income reporting. We are in State of MO and daughter is now 20. Bank telling her that they can’t give her any info or answer questions without court docs or a will listing a new fiduciary. We have not yet been able to find where my wife stored her will. Since daughter is 20, can’t she simple request the bank give her access to her own account? Or, will she need to wait until 21?
A: It will depend on how their names are listed on the account. Things as simple as “and” and “or” can make a big difference. It is worth a brief conference with an attorney to determine your daughter’s rights to the account, especially if it can avoid the necessity of filing probate.
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