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16 Year Old Custodian for ILUTMA Account?

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Question: 
Can a minor (someone who is 16 years old) open a ILUTMA account for their own child? The Illinois UTMA states a custodian has to be 21 years old. Please advise if the 16 year old mother can be the custodian.
Answer: 

The Illinois Uniform Transfers to Minors Act defines an adult as an individual who has attained the age of 21, and requires that the custodian be an adult. There is no exception to that requirement for a minor's parent.

Some other adult will have to serve as custodian. When the child's mother reaches the age of 21, the custodian may resign and designate her as the custodian.

First published on BankersOnline.com 11/12/12

First published on 11/12/2012

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