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#2091463 - 08/03/16 09:13 PM WUTMA Accounts
Complycated Offline
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Joined: Aug 2013
Posts: 162
We have a customer who has requested to open an account for her minor son for funds he is receiving from a settlement. She said the lawyer she consulted said she should open a trust fund but that she didn't need to create a trust. Is this just a WUTMA account? And if so, do we need anything special to do this?

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#2091554 - 08/04/16 03:14 PM Re: WUTMA Accounts Complycated
Amandak Offline
Member
Joined: Jul 2013
Posts: 80
Wisconsin
I believe so.. because the money in a WUTMA account is the minors money but the minor can not have control of the funds until reach a either age 21 or 18. Until the minor reaches the age limit a custodian must be appointed. I haven't read up on this in a long time but I do know it is covered under 54.872 of the Wisconsin State Law

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#2091620 - 08/04/16 05:25 PM Re: WUTMA Accounts Complycated
#Just Jay Online
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
First, never listen to the other person's attorney.

Second, has she actually been designated the custodian by the terms of the settlement, or are they looking to the bank to be the custodian?

You need to see the agreement, review it with your own attorney, and determine if this is a liability you can or want to take on.
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#2091640 - 08/04/16 06:06 PM Re: WUTMA Accounts #Just Jay
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Joined: Aug 2013
Posts: 162
We told her we need to see the paperwork before we could give her any answers but she still hasn't brought it in.

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#2092326 - 08/09/16 03:29 PM Re: WUTMA Accounts Complycated
WIBanker91 Offline
100 Club
Joined: Nov 2011
Posts: 180
WI
How the check is payable may also be helpful. Be careful getting a copy of the "paperwork" it could presume you have knowledge you don't want, just like getting a copy of any trust. The customer needs to know what she is supposed to do.

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