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Can Both Parents Be Guardians on UTMA Savings?

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Question: 
In the state of Oklahoma, can both parents be guardians on a UTMA savings account?
Answer: 

The term in most states is "custodian" rather than "guardian." In most states, the Uniform Transfers to Minors Act (UTMA) permits only one custodian. Oklahoma is one of those states. 58 OSC 1211 says specifically: "A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held according to the provisions of the Oklahoma Uniform Transfers to Minors Act by the same custodian for the benefit of the same minor constitutes a single custodianship."

First published on BankersOnline.com 2/4/13

First published on 02/04/2013

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