Question & Answer

Question: If the child dies who is the beneficiary on a Uniform Transfers to Minors account, who may close the account?

Answer: The trustee is responsible for the accounting of the funds, and therefore is the person able to terminate the account

(Editor's note: To all of our subscribers who have written letters looking for answers to particular problems- thanks for your patience! We will respond to you directly if you don't find your answer here-we just don't have room on this page for all questions. We research thoroughly-through our knowledgeable board of advisors, our network of experts, our own extensive library, and through the IHS Banking Library, (which we find invaluable)-to get you the best answer possible. Sometimes that takes awhile!

Copyright © 1996 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 6, No. 3, 1/96