minor child as beneficiary

[PersonalRepSon]

What is the name of your state? OK

My son is a minor and the beneficiary of his father's accounts at the credit union. His father had a loan for a truck as well as a balance of money in his checking account. The credit union says that they will take the balance of his checking account to pay off the truck under the "right to offset" laws that banks/credit unions hold when someone passes and has a loan with them. Now, the credit union is asking me, his mom, to put in writing that he wants to purchase the vehicle, but he can not enter into a purchase contract because he is a minor. Does he have to purchase the truck with the money left in his father's account? I would rather not have to deal with the purchase/selling of this truck. Any advice?

 

[seniorjudge]

What is the name of your state? OK

My son is a minor and the beneficiary of his father's accounts at the credit union. His father had a loan for a truck as well as a balance of money in his checking account. The credit union says that they will take the balance of his checking account to pay off the truck under the "right to offset" laws that banks/credit unions hold when someone passes and has a loan with them. Now, the credit union is asking me, his mom, to put in writing that he wants to purchase the vehicle, but he can not enter into a purchase contract because he is a minor. Does he have to purchase the truck with the money left in his father's account? I would rather not have to deal with the purchase/selling of this truck. Any advice?

Buy the truck and sell it for $1000 more than you have in it.

 

[Dandy Don]

Son can't enter into the contract, but YOU can (IF you are the personal representative of the estate). Technically they can take the money without your statement, but it's best to cooperate so that you can get the asset and sell it, which was an excellent suggestion.

DANDY DON IN OKLAHOMA ([email protected])

 

[PersonalRepSon]

Thank you Dandy Don and Senior Judge. I will take your advice!

 

[Dandy Don]

Since he is the beneficiary, they may still need the statement signed by your son, but you can also co-sign it as his parent and as personal representative.