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#1820126 - 06/04/13 06:29 PM Custodian on PUTMA - can they grant Power of Atty
annabelle Offline
New Poster
Joined: Nov 2005
Posts: 9
We have a custodian on an UTMA who wants to give someone else power of attorney for the account.

Do any of you allow this? Are you aware of any regulations surrounding it?

Thanks!

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#1820246 - 06/04/13 08:35 PM Re: Custodian on PUTMA - can they grant Power of Atty annabelle
dottiec Offline
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Joined: Jul 2007
Posts: 304
All the information I have states there can only be one custodian and they are the only person allowed to transact business on the account. Our legal counsel always tells us that it is extremely rare that a fiduciary (custodian) can delegate their responsibilities to someone else. I wouldn't do it. The custodian can name a successor custodian to act if and when they are no longer able.
_________________________
"Life begins at the end of your comfort zone."

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#1820260 - 06/04/13 08:55 PM Re: Custodian on PUTMA - can they grant Power of Atty annabelle
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
I agree. We had (about 15 years ago) allowed custodians to grant POA to others, but we had to undo all of them, because of the "one custodian" rule that Dottie noted.

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#1820295 - 06/04/13 09:58 PM Re: Custodian on PUTMA - can they grant Power of Atty JacF
annabelle Offline
New Poster
Joined: Nov 2005
Posts: 9
Thank you very much. Your thoughts match mine exactly!

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#1822156 - 06/10/13 09:22 PM Re: Custodian on PUTMA - can they grant Power of Atty annabelle
Michelle III Offline
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Michelle III
Joined: Jan 2003
Posts: 376
PA
It's kind of like being a signer (non-owner) on a business and allowing your personal POA to sign for that business. It just doesn't work.

Michelle

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