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#26523 - 08/02/02 10:15 AM Successor Custodian
JacFSB Offline

Power Poster

Registered: 11/19/01
Posts: 6059
Loc: PA
The state forms that we use for UTMA accounts provide for a successor custodian, but do not seem to require a signature from such. How are others handling successors? Are you getting them to sign something?

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#26524 - 08/02/02 12:04 PM Re: Successor Custodian
PABanker Offline
Gold Star

Registered: 12/20/00
Posts: 491
Loc: Blue Ball, PA 17506
In our documentation on this issue, we need a "proper notice" that either the original custodian no longer serves this position or a death certificate for the original custodian. This all must be presented before the successor takes over the account. We have had court orders making a change for this type of account as well.

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#26525 - 08/02/02 01:24 PM Re: Successor Custodian
JacFSB Offline

Power Poster

Registered: 11/19/01
Posts: 6059
Loc: PA
That makes perfect sense, but it does not address my concern. Sometimes, we may have little more than a name on a successor, and I don't see how we could use that to authenticate anybody. Additionally, I'd also like assurance that a successor KNOWS that he/she has been designated in such capacity.

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#26526 - 08/02/02 01:48 PM Re: Successor Custodian
PABanker Offline
Gold Star

Registered: 12/20/00
Posts: 491
Loc: Blue Ball, PA 17506
Reply to your answer...we have a in-house form that names the successor which the sucessor signs and the custodian signes acknowledges the successor. Now if a sucessor is named by the custodian without the bank knowing that fact, then we require a notarized letter from the custodian or in case of the custodian's death a legal form stating the successor's name. We actually do not place the successor's information on our records other than the in-house form as the custodian may make the successor change at anytime.

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