Are we allowed to set up a minor account (NOT a UTMA) with one or more custodian, resticting the minor's access to the funds? The account would not be a UTMA, due to the restrictions of use that is associated with a UTMA - but rather an account that the parent does not want the child to have access to at this time?
In other words, can a parent take on the fiduciary responsibility of "Custodian" without a court order, or do they need some legal basis to do so?
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