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#4241 - 12/22/04 12:46 PM UTMA
Anonymous
Unregistered


When opening a UTMA account, a customer has requested not only to designate a Successor Custodian, but also list several people as POD Beneficiaries. Is this advisable?

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#4242 - 12/22/04 01:43 PM Re: UTMA
TexTrainer Offline
Diamond Poster

Registered: 07/03/03
Posts: 1199
Loc: Austin Texas
No - if both the Custodian and Successor Custodian decease, then, depending on the age of the minor (14yo), they may choose their own, new Custodian. If the minor is under a certain age, their guardian of the minor will become the Successor Custodian. No need to cloudy the waters or the signature card with POD's.


Edited by TexTrainer (12/22/04 02:12 PM)
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This isn't legal advice - did you not notice that it's free!

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#4243 - 12/23/04 04:57 PM Re: UTMA
John Burnett Administrator Offline
Compliance is my life

Registered: 10/27/00
Posts: 12642
UTMA laws typically do not permit POD designations on these accounts. In some cases, they may not permit the pre-designation of a successor custodian. Check your state law.

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