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Changing UTMA Acct if Custodian Passes Away

Answered by: 
Randy Carey

Question: 
If the custodial parent should die while child on an UTMA is still a minor, can the mom of the minor come to the bank and initiate any changes to the account. This couple is divorced and the custodial parent is the guardian of the child. Can you provide some guidance on this?
Answer: 

Answer by Randy Carey: The process for changing the custodian on a UTMA account will be outlined in your State law.

Answer: 

Answer by Ken Golliher: ...and the child's age will be a factor in determining how a new custodian is named.

First published on BankersOnline.com 5/20/13

First published on 05/20/2013

Filed under: 
Operations
Filed under operations as: 
UTMA

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