Skip to content

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

Answered by: 

Question: 
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.
Answer: 

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 BankersOnline.com 12/16/02

First published on 12/16/2002

Filed under: 
Filed under operations 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