Account Styling: How do you style a minor's estate?
by Mary Beth Guard
Question: We are having trouble deciding on the correct styling for this account and would like your views. The account is a CD styled in the following manner:
The Estate of Tara Byrd, A Minor, by Janet Byrd,Guardian
The funds belong to the minor and the minor's SSN is used as the TIN. As far as we know there is no estate TIN. We have a copy of the letters of guardianship naming Janet Byrd the legal guardian of the estate of Tara Byrd.
We are not accepting accounts titled "Minor By" and I am unsure if we can use the UTMA or "The Estate of Tara Byrd, Janet Byrd, Guardian" with an estate TIN.
Answer: The word "estate" is used in two different contexts, but most people think of it as referring to the property of a deceased individual. With an account for a minor who is not deceased, it would be confusing, and possibly misleading to style the account in the manner you described.
For that reason, it would probably be better, since the minor is still alive, to have styled the CD:
Tara Byrd, guardianship, by Janet Byrd, Guardian
You would use Tara's social security number. A separate estate or guardianship TIN is not required. The guardian would be the sole authorized signer on the account.
This type of guardianship is totally separate and distinct from a UTMA account or anything similar.
As always, you should check your state law for variations.
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