Legal Question in Wills and Trusts in Nevada
naming minor as pod on bank accounts, will bank hold money until child turns 18?
3 Answers from Attorneys
It would probably be better to put the money in a trust account or pod to a trust with an adult as successor trustee or guardian of the account for the minor, as the bank may hold up letting the minor have the money directly until he or she is 18.
There are far better ways to insure that the funds are protected. The POD account in the minor's name only may subject the account to risk of loss under the Nevada Unclaimed Property laws. Your attorney can explain further.
You should begin by asking the bank its policy. Bankers tend to be, ummm, easily confused about matters that are the least bit unconventional. A simple alternative, if you insist on it being in a POD account, is to execute a nomination of guardian for the minor, empowering that trusted individual to access and manage all assets on the minor's behalf until he/she reaches a certain age (it does not need to be 18). You certainly would be better to establish a living trust in which to hold the funds - and ALL your other assets - as Mr. Smith has said. Please let us know if we can help!