When presented with a check payable to individual as custodian for bene under UTMA, we require funds go into like named account which, unfortunately, often results in unhappy customers.
Lately, I've seen a lot of these checks coming in where the beneficiary is no longer a minor (21 or older) and the custodian doesn't want to open an account - says it's reimbursement for college, etc...
Is it acceptable/appropriate for us to open this type of an account when the bene is over 21? Is there EVER a time when it would be okay to allow funds payable this way to go into the personal or business account of the fiduciary?
Thanks.