SIE practice questionhardAccount Types – Minor Accounts and Death
When a custodian on a minor’s account dies, what happens to the account?
- AFunds are transferred to the state
- BThe account is closed and assets distributed
- CThe minor gains control immediately
- DA successor custodian is appointed✓ Correct answer
Explanation
Why D — A successor custodian is appointed
When a custodian dies, a new (successor) custodian must be appointed. The minor does not get control unless they are of legal age.
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