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Listing Successor Custodians On UGMA Accounts

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Should Successor Custodians be listed in the legal title of a UTMA account? Should they be listed in order of succession? If so, how do we determine who is first?

Listing successor custodians can be a problem. They have no current role in the account, so why confuse your personnel with extraneous information? Besides, there may be situations in which the "line of succession" will change.

I suggest you keep a record of successor custodians if you want, but make sure you get verification of status before automatically allowing one of them to succeed when the custodian retires/resigns.

First published on 12/16/02

First published on 12/16/2002

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