Account Styling for UTMA with Multiple Custodians

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Question:

In the state of NM can a minor account have more than one custodian? If so, is it still considered a single party account w/multiple custodians? or how do we best describe the beneficiary designation?

Answer:

Under New Mexico's Uniform Transfers to Minors Act only one custodian may be named and an account may be maintained for only one minor beneficiary.

First published on BankersOnline.com 2/7/11