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More Than One Minor on an UTMA?

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Question: 
Is it possible to have an UTMA account (MT) that lists more than one minor on the account? We are aware of the limitation of only one custodian, which there is, but this custodian wants to open a CD listing all three minors as the owners of the funds.
Answer: 

Take a look at Montana Code, Title 72, Chapter 26, Part 6. In particular, check out section 72-26-602, dealing with the topic of a "Single Custodianship" (one custodian and one minor makes one custodianship). In Part 7, check out section 72-26-702 (Care of Custodial Property), which requires that the custodian keep property of a custodianship separate and distinct from all other property. Taken together, you have a requirement that separate accounts have to be set up for three separate custodianships for the three kids, even though there is one individual acting as custodian for all three custodianships.

First published on BankersOnline.com 6/04/07

First published on 06/04/2007

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