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Custodial Account for 22 year old, Custodian dies

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L

littleLeslie

Guest
My father recently passed away (in NYC) without a will. He had a custodial account with about $13,000 set up for my brother (in NY state) for his college education. He never changed the custodial accont over to my brother's name after my brother turned 21. My brother is now 22. There was no successor custodian. The bank is telling me that I (his sister) or some parent figure (his mother is incapacitated in a mental institution) must become his "custodian". He can not claim the account. The admistrator of the estate can not clain the account (I am hoping to be appointed administrator). Do I really have to become custodian of my brother? He is an adult. What does becoming a "custodian" entail? How do I become a custodian? My brother and I now live in Texas. Is this a problem since the bank account is in NY? Will this cost me more than the bank account is worth in legal fees? Thanks for your help.
 



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