Rule on 40-Year-Old "Minor" Depositing Check

Question:

Can a 40-year-old "minor" deposit a check payable to "father CUST for minor under UTMA" if the father is deceased and the minor is an executor or estate representative?

Answer:

The model language of the UTMA does not provide for additions after the minor reaches the age set out in the statute. The funds should be delivered to the person on whose behalf the account was established, but the personal representative has no such powers. The "child" should petition the appropriate court for an order to distribute the funds.

First published on BankersOnline.com 1/9/12