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Changing Custodians on a UTMA
Answer by John Burnett, BOL Guru
Guru Bios

Question:  What would be the appropriate measures to take on an UTMA (minor account) where the current custodian (father) would like to resign and have the mother become the custodian?

Answer:  You should make sure you are familiar with your state's version of the UTMA (Uniform Transfers to Minors Act), where you will find specifics concerning resignation of a custodian. In general, if a successor custodian was not previously designated by the party establishing the custodial relationship (the transferor), the custodian can resign in a witnessed writing, appointing a successor custodian in the same document.

First published on BankersOnline.com 7/17/06






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