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#955570 - 05/07/08 04:30 PM FL Name Style for UTMA & IRA
avpbsa Offline
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Joined: Mar 2008
Posts: 15
Can someone supply the correct styling for names on a UTMA or IRA account in FL? We are wondering if there are restrictions on how the names should be set up.

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#955632 - 05/07/08 06:01 PM Re: FL Name Style for UTMA & IRA avpbsa
P*Q Offline

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P*Q
Joined: May 2001
Posts: 8,458
Somewhere
You may want to try posting this in the Florida forum, you may get more responses from folks in your state.

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#955649 - 05/07/08 06:18 PM Re: FL Name Style for UTMA & IRA P*Q
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
710.111 Manner of creating custodial property and effecting transfer; designation of initial custodian; control.--

(1) Custodial property is created and a transfer is made whenever:

(a) An uncertificated security or a certificated security in registered form is either:

1. Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the Florida Uniform Transfers to Minors Act"; or

2. Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in subsection (2);

(b) Money is paid or delivered to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the Florida Uniform Transfers to Minors Act"; "

We have always established FLUTMAs as:
Billy Smith
Beneficiary under FLUTMA
John Smith, Custodian

We have always established IRAs as:
John Smith
ABC Bank as Custodian of IRA
_________________________
Life without Jesus is like an unsharpened pencil - it has no point.

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#955706 - 05/07/08 07:42 PM Re: FL Name Style for UTMA & IRA BrendaC
avpbsa Offline
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Joined: Mar 2008
Posts: 15
Thank you!

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#1386760 - 05/06/10 03:01 PM Re: FL Name Style for UTMA & IRA avpbsa
Anonymous
Unregistered

can there be more than one custodian on an FL UTMA account?

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#1387183 - 05/06/10 07:41 PM Re: FL Name Style for UTMA & IRA Anonymous
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Title XL (Real and Personal Property) of Florida statutes, chapter 710, section 710.112:
Quote:
710.112 Single custodianship.--A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this act by the same custodian for the benefit of the same minor constitutes a single custodianship.


One minor, one custodian, per UTMA custodianship. A successor custodian can be "waiting in the wings," but would have nothing to do with the custodianship unless or until the custodian resigns or is no longer able to serve as custodian.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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#1743272 - 09/22/12 02:15 AM Re: FL Name Style for UTMA & IRA avpbsa
Anonymous
Unregistered

under the florida law th custodian under the FL. U.T.M.A. can two parents be as custodian of the child account, when I (the mother) is the one that is totally disabel and my kids are receiving monthly check for them. Now my soon to be ex-husband wants to be in the count with me, my question is it legal for him to be in the account when he has nothing to do with the account he has not contribute to it?

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#1743281 - 09/22/12 03:27 PM Re: FL Name Style for UTMA & IRA avpbsa
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
No - John gave you the FL statute. One minor, one custodian.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1754508 - 11/02/12 02:22 PM Re: FL Name Style for UTMA & IRA avpbsa
Anonymous
Unregistered

How can I find a utma account

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