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?

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

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.

We told her we need to see the paperwork before we could give her any answers but she still hasn't brought it in.

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.