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#1077992 - 11/06/08 02:46 PM Account Titling
Maestro Offline
New Poster

Registered: 11/06/08
Posts: 1
I am looking for a website or just information on the proper way to title the following accounts:

PA - UTMA
Representative Payee
In Trust For

How does your FI title these accounts?

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#1078087 - 11/06/08 03:46 PM Re: Account Titling [Re: Maestro]
Ready to Retire Offline
Diamond Poster

Registered: 08/26/05
Posts: 2313
Loc: Living in the land of Oz
PM me and I will give you the e-mail address of the head of our deposit operations. She can answer your questions and I know she has a resource that she can give you. I believe it is a manual from Professional Bank Services. I know they do deposit opertaions seminars all over the US.

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#1348975 - 02/25/10 09:45 AM Re: Account Titling [Re: Ready to Retire]
Terri Glass Offline
New Poster

Registered: 02/24/10
Posts: 1
How many beneficiaries can be on an account according to Pennsylvania state law?

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#1416427 - 07/17/10 03:08 PM Re: Account Titling [Re: Terri Glass]
Michelle III Offline
Gold Star

Registered: 01/02/03
Posts: 367
Loc: PA
PA law sates you can only list two beneficiaries on an account. We have customer argue on that one all the time,'cause the bank up the road will let me list all 14 grandkids... shocked

Michelle III

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#1417183 - 07/20/10 07:12 AM Re: Account Titling [Re: Michelle III]
Deputy Dawn Offline
Gold Star

Registered: 02/21/07
Posts: 453
Loc: Pennsylvania
John Doe Beneficiary PAUTMA
Mary Doe Custodian


John Doe
Mary Doe Representative Payee


John Doe Itf

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#1418747 - 07/22/10 01:35 PM Re: Account Titling [Re: Deputy Dawn]
Michelle III Offline
Gold Star

Registered: 01/02/03
Posts: 367
Loc: PA
John Doe In Trust For Mary Doe

For custodian accounts it would be
Mary Doe
John Doe Custodian (and the only signer on the account)

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#1521115 - 03/14/11 09:14 AM Re: Account Titling [Re: Michelle III]
KMK Online
Member

Registered: 01/04/08
Posts: 69
Loc: Pennsylvania
As a follow up question...can someone direct me to the Pennsylvania law that specifically states a limit of 2 beneficiaries? We agree but would like to point to something to support that fact.

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#1521315 - 03/14/11 12:52 PM Re: Account Titling [Re: KMK]
beachbum Offline
Gold Star

Registered: 12/14/06
Posts: 263
Loc: knee deep in regs
1965 banking law commission
title 7 P.S. 605 Tentative trusts

(a) An institution may receive deposits in an account in the names of one or more individuals described as trustees:
(i) For an individual or for two individuals jointly or for two individuals successively, for the first if he survives all in the named depositors and for the second if he does not or
(ii) For a non profit organization....

Comments
... There is no limit to the number of depositors named as trustees but only two joint individual beneficiaries or one primary and one successive individual beneficiary may be named. A non-profit organization may also be names as a beneficiary.
_________________________
Perseverance; the courage to ignore the obvious wisdom of turning back

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