Court Ordered Custodial Account
Answer by Ken Golliher and John Burnett, BOL Gurus Guru Bio
Question: Does a court ordered custodial account automatically transfer to the minor at the age of eighteen (Illinois)? Is proof of age all that is required, or is a letter of authorization from the court needed?
Answer by Ken Golliher: The funds do not pass to the minor; the minor already owns them. The custodian or guardian named in the court order is responsible for making delivery of the funds to the minor.
Answer by John Burnett:
Unless the court order specifically directs that the depository institution turn the funds over to the minor when he or she reaches the age of majority (I have never seen an order with such a provision, by the way), the bank or credit union should not deal with the minor once that magic age is reached. The minor should be asked to deal with the custodian or guardian, or if that individual can't or won't complete the transfer, with the court, which can then issue an order for the guardian or custodian (or the bank) to act.
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