01/05/2004
If a custodian of a UTMA account passes away and no successor custodian is appointed, who is the appointed "guardian" of this account? The beneficiary is only seven years old. Would this need to go to an attorney and then the court will appoint a custodian for this account?. Can the parents of the beneficiary appoint a new custodian on this account?
12/15/2003
Let's say you have a custodian on a UGMA/UTMA account specifically designated for education. The child is 2 years from college. Is there a Fiduciary responsibilty to invest in short term less volatility investments since the money needs to be there for college?
11/03/2003
When opening a minor savings account, what is the proper ownership and rights at death? If the account is title "Child's name, a minor by, parents name" would it be a multiple-party account with right of survivorship or would be a single account since it is using the minor's ss#?
08/04/2003
Can a parent open a savings account for their minor child using the child's social security number as the primary, with the parent as the guardian? How would you title this account? Or does the bank have to open a UTMA account, and if so, why?
07/07/2003
Our bank currently handles accounts for a mental institution which tracks accounts for its clients. It sort of serves as the custodian. The account is opened using the client's SSN, but he does not have access to the account and is not a signer. There has been a debate as to whether the client should be listed as an owner because we are using his Social. But my feelings are that if he is listed as an owner, he is automatically a signer, therefore having access to the account. Can you clarify the difference between owner and signer for us?
06/16/2003
It is my understanding that money from a consumer checking or savings account cannot be used to offset excessive overdraft charges on other accounts they have unless the owners on the accounts match. Recently, we had an incident that involved a consumer with excessive overdraft charges who also had an Uniform Transfer to Minors Act account set up for a child on which he was the custodian. While we would really like to collect our funds for the overdraft, am I correct in assuming that this account would be off limits?
06/01/2003
The long awaited, much heralded Section 326 is now the focus of many compliance officers and training officers in the financial industry.
04/30/2003
04/30/2003
Question: Is it required to have a parent's name or the child's name first in an UTMA? We're having a difference of opinion.
04/07/2003
If you have a custodian account for a minor, and the custodian is no longer able to conduct business because she is in a nursing home, can her power of attorney act on her behalf on the account?