Account Styling: How do you

Question: We are having trouble deciding on the correct styling for this account and would like your views. The account is a CD

The Estate of Tara Byrd, A Minor, by Janet Byrd,Guardian

The funds belong to the minor and the minor's SSN is used as the TIN. As far as we know there is no estate TIN. We have a copy of the letters of guardianship naming Janet Byrd the legal guardian of the estate of Tara Byrd.

We are not accepting accounts titled "Minor By" and I am unsure if we can use the UTMA or "The Estate of Tara Byrd, Janet Byrd, Guardian" with an estate TIN.

Answer: The word "estate" is used in two different contexts, but most people think of it as referring to the property of a deceased individual. With an account for a minor who is not deceased, it would be confusing, and possibly misleading to >
For that reason, it would probably be better, since the minor is still alive, to have >
Tara Byrd, guardianship, by Janet Byrd, Guardian

You would use Tara's social security number. A separate estate or guardianship TIN is not required. The guardian would be the sole authorized signer on the account.

This type of guardianship is totally separate and distinct from a UTMA account or anything similar.

As always, you should check your state law for variations.

Originally appeared in the Oklahoma Bankers Association Compliance Informer.

First published on BankersOnline.com 1/14/02