Styling Minor Account to Protect Minor's Funds

Answered by:

Question:

If a parent wants to open an account for a minor, is there a way to title it so that a garnishment on the parent does not take the child’s money?

Answer:

Use of the Uniform Transfers to Minors Act establishes that the child is the sole owner. Even if the garnishee had access to the account, he would not be the owner and the bank would not take the funds from the child's account.

Beware of the customer who asks this question...

First published on BankersOnline.com 4/10/06