What are the requirements for opening an account for a minor who was involved in accident and had collected money from the insurance?
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.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
In some cases, an insurance company will require that any payments on behalf of a minor be payable to a 