Can a custodial account be garnished? If so will my name show on the account. as the beneficiary?
When the custodian is not the owner of the account, but they are the person the garnishment is served on, the account should not be touched. If "X" is the custodian on "Y's" account, "X" has no ownership. The funds do not belong to "X" and could not be taken to meet any obligation "X" would have. If the garnishment is against "Y" then there is ownership and a legal request for those assets. In that case, yes the deposit account would be available.
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When the custodian is not the owner of the account, but they are the person the garnishment is served on, the account should not be touched. If "X" is the custodian on "Y's" account, "X" has no ownership. The funds do not belong to "X" and could not be taken to meet any obligation "X" would have. If the garnishment is against "Y" then there is ownership and a legal request for those assets. In that case, yes the deposit account would be available.
