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#1663531 - 02/10/12 06:29 PM custodian account for minor
gadawg1 Offline
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Joined: Sep 2006
Posts: 419
Georgia
If a parent wants to open an account for a minor and act as custodian to that account, is it subject to any georgia statutes?

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#1663555 - 02/10/12 06:47 PM Re: custodian account for minor gadawg1
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
Georgia's version of the Uniform Transfers to Minors Act.
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#1663589 - 02/10/12 07:17 PM Re: custodian account for minor rlcarey
gadawg1 Offline
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Joined: Sep 2006
Posts: 419
Georgia
Thank you.

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#1970631 - 10/20/14 08:36 PM Re: custodian account for minor gadawg1
RR Becca Offline
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RR Becca
Joined: Sep 2004
Posts: 5,249
out of the frying pan...
Does anyone know if there can be an additional authorized signer on these types of accounts? I'm not having a lot of luck searching.
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You call it ADD. I call it multi-tasking.

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#1971043 - 10/22/14 02:37 PM Re: custodian account for minor gadawg1
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
Nope.

The minor is the sole owner of the funds, but has no transaction authority on the account.

The custodian, although not the owner of the funds, is the ONLY person allowed to trasact business on the account during the minority of the child. The bank's contract is with the custodian.

You can have a successor custodian named by the custodian.
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My opinion only. Not legal advice.

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#1971056 - 10/22/14 02:58 PM Re: custodian account for minor gadawg1
RR Becca Offline
Power Poster
RR Becca
Joined: Sep 2004
Posts: 5,249
out of the frying pan...
OK, thanks. That follows what I was finding but it wasn't laid out that clearly.
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You call it ADD. I call it multi-tasking.

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