Custodian on PUTMA - can they grant Power of Atty

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!

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.

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.

Thank you very much. Your thoughts match mine exactly!

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