What are the requirements for opening an account for a minor who was involved in accident and had collected money from the insurance?
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In some cases, an insurance company will require that any payments on behalf of a minor be payable to a Uniform Transfers to Minors Account (UTMA) controlled by a custodian. Even if the check is issued without such a requirement, it may be a good idea to deposit it into such an account, once a reliable custodian is identified. For the legal issues involved in a UTMA account, and other options for handling the insurance payment, contact an attorney for further information.
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In some cases, an insurance company will require that any payments on behalf of a minor be payable to a 