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Can creditor garnish bank account with minor as beneficiary?
Regina9
Yes. They cannot garnish the minor's account, however.
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∙ 16y ago
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Who cannot open a current account?
A minor
What age do you have to be to draw money from your savings account?
18 Depending on your state, if the account is a UTMA/UGMA (Uniform Transfers to Minor/Uniform Gifts to Minor), the minor may not be able to withdraw money until s/he reaches 21.
If a minor defaults on a loan does the guarantor have to repay the loan?
The guarantor is liable to pay the entire loan on demand of the creditor plus any collection fees.
Can a minor own stock and receive dividends on the stock?
Yes. Under uniform gifts to minors act (UGMA) an adult custodian opens account for minor and all gains are taxed under minor's rate. Minor owns account at age of majority for his state or when specified by custodian depending on rules established at time of gift.
Can you have a credit card at age 13?
A minor cannot enter into a legal contract so cannot have their own credit card account. The only way that a 13 year old can get a card is as an additional cardholder attached to his or her parent's or other adults account. Since the adult is responsible for payment they can attach a minor to the account.
Will prescription be interrupted if a creditor is a minor?
It is not clear how a minor could be the creditor. While a minor can be prescribed medication or drugs for a particular condition - the minor is legally incapable of forming a legal contract. If the minor's parent/guardian refuses to pay for the medication, the pharmacy has the lawful right to cease dispensing it.
How do you acquire guardianship papers for life insurance left to a my minor child?
The best course would be to contact a family law attorney and get them to file the papers for you if you're not familiar with the process. I always persuade my clients not to list a minor child as beneficiary on the life insurance policy. Most insurance companies will place the proceeds in an interest bearing account until the minor reaches majority. Depending on laws in your state, you will also be required to file paperwork periodically with the court to show how every penny is spent. This could have been prevented if the beneficiary was not a minor or if it was stated in the beneficiary statement (Beneficiary XX for benefit of minor child XX). This simple statement would have prevented the problems while showing the intent of the insured to care for the child.
Under what circumstances is a trust essential?
A trust is essential when the beneficiary is a minor or an incompetent,
Is a spouse entitled to part of life insurance benefits even if child is named as beneficiary?
The policy is paid to the beneficiary. It should be placed in trust for the child if the child is a minor. If the child is an adult, the proceeds will be sent to the named beneficiary.
A minor and his legal position under Indian contract act?
agreement made by minor is void-ab-initio minor can't be declared insolvent rule of estoppel is not applicable on minor minor can be promisee or a beneficiary doctrine of restitution is not applicable on minor
How old does a beneficiary have to be for to receive payment from a life insurance policy?
at what age can a minor be insured in NY state for life insurance
What is the difference between opening a trust account for a minor and a custodial account?
A tust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. A trust can be setup for a trustee of any age, and that age can be specified by the trustor. A custodial account is managed by an adult for a client who is considered a minor age 18-21 years old. Once the client reaches the legal age of their state of residence the account is taken over by the named account holder.
Can a check be deposited into a minor account?
If the minor is going to do it alone - Then No. If the minor is taking an adult guardian with whom they have a joint account - Then Yes. Banks do not let minors transact alone and by themselves with them because of their age
What is a custodial account?
A custodial account is an account set up by an adult to benefit a minor.
Can a minor's bank acct be garnished?
No, a minors bank account can not be garnished, if they are the only person on the account. If this is a joint account and the non-minor is subject to a judgment then it can be levied or garnished.
How to apply bank for transfer minor account to major account?
tell me a application for major account
Can a minor own stock?
A trust for a minor can own stock, but a minor cannot. Someone can own an account or stock in trust for the minor.
