Finance

Ask a Finance Question, Get an Answer ASAP!

Have your own Finance question?

3 Financial Professionals are Online Now

characters left:

Not a Finance Question?

Question

MGL chap 201a sec 10 can a minor have more than one custodian acct in the names of various custodians as long as each account has only one custodian. or does the law mean that all ugma accts for a particular minor have to have the same custodian. for instance could a mother and a father be custodians for a child on different accts or assets.

Submitted: 255 days and 18 hours ago.

Category: Finance

Value: $15

Status: AWAITING CUSTOMER ACTION

Webster, Massachusetts

Already Tried:
mgl

Accepted Answer

There can only be one custodian on a UTMA/UGMA account. However, the same custodian is not required on each UTMA account for the minor. So the mother could be the custdian on one account and the father the custodian on the other account.

Accepts:
Expert:	Bill
Pos. Feedback:	100.0 %
Answered:	3/11/2009

Financial Advisor

EA, QPA, CHFC, CEBS, CLU - 29 years experience providing financial advice

254 days and 20 hours ago.

Reply

the only thing missing is whether or not you are an attorney

Posted by Bill 254 days and 20 hours ago.

Answer

No, I am not an attorney. I have been in the investment business for over 29 years and have assisted hundreds of clients in establishing UGMA/UTMA accounts including some with different custodians for the same minor in many different states. For example, we have established different custodian accounts for the same minor with 1 parent as the custodian on 1 account, the other parent on the other account, and an uncle on another account. I have a total of 9 professional designations including being a Certified Financial Planner.

"Chapter 201A: Section 10. Single Custodianship
Section 10. A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship."

If the custodial property was held by different custodians for the benefit of the same minor then it would merely constitute multiple custodanship arrangements which is not an issue.

See footnote #2 regarding multiple UTMAs for the same minor with different custodians -
https://www.americancentury.com/investment_education/ugma_utma_details.jsp

Edited by Bill on 3/12/2009 at 8:21 PM

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.