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Documentation: What verbiage should be used when defining a successor custodian?

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Is there a document with specific verbiage that needs to be signed at account opening when a successor custodian is being designated? We have found that since 9-11, the requests for opening custodial accounts with successor custodians has increased.

The model UTMA language does not set out a specific method for naming the successor. Some institutions have special signature cards, but most simply ask the original custodian to sign a one sentence designation form (bank letterhead is good) that says: Upon my death or resignation, Jane Alexander shall serve as the successor custodian for [describe account].

Obviously, having the designation on the signature card makes it "findable." Any alternative method of retaining the record should have the same characteristic.

First published on 12/16/02

First published on 12/16/2002

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