Skip to content

16 Year Old Custodian for ILUTMA Account?

Answered by: 

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.

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 11/12/12

First published on 11/12/2012

Filed under: 
Filed under compliance as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics