Legal Question in Wills and Trusts in Nevada

Bankers are notoriously difficult to deal with upon the death of a customer. Families (like your father) go in and set up accounts (often styled "TOD" or transfer on death) in the hope the assets will automatically be released to their family upon passing. Actually, that seldom happens exactly as planned. Bankers hate to do anything that might be construed as within their discretion, as they fear they will make a mistake for which they, personally, will be held accountable by their employer. Imagine if the bank had to pay out the same account a second time because one of its employees accidentally let it go to the first person who stepped up and claimed it. Hence, they usually demand some sort of "court order" to direct them. Then, you see, it is not within their discretion and they are off the hook for "just doing what I am told by a higher authority."

I am sure you can picture the banker being nervous about what appears to be a single parent coming in and making demands in his child's behalf. What about the other parent? Can he be sure you have custody and are, indeed, the legal guardian of your son? Even if you hand him court documents demonstrating this, he will not wish to read formal, legal filings to determine what they say and mean. He will, at best, hand you off to the bank's legal department in some distant city and you can wait for an evaluation to be made (sometimes taking days). That is often the BEST case scenario.

This is not an easy thing and may well require the services of a knowledgeable attorney to walk the banker through it all. You and your kids may also benefit greatly from a financial advisor. For example, do not assume your daughter, because she is an adult, can just receive her share of the IRA account now. There may be severe tax consequences to her taking it as a lump sum, rather than rolling it over into a retirement account of her own, and you (and she) need clear answers on all of that. I certainly do not recommend waiting out your son's "coming of age," as the funds would likely be turned over to the state's "unclaimed funds" account and would be held (interest-free) by the government. That is, again, only in the interest of the bank that wishes to wash its hands of anything that is not ordered by a judge.

This is not a simple matter. It could require a probate of the assets, whether or not one was conducted of your father's other holdings. Your son presents different circumstances than your daughter (as you identify) but both must be properly handled to ensure they are not throwing away a chunk of their inheritance on unnecessary expenses and taxation. They need good legal, accounting and tax advice after a full consultation and review of the account documents.