UTMA custodian

[betfam]

What is the name of your state (only U.S. law)? Montana

If a parents name appears as custodian or back up custodian on a child"s UTMA account are banks/collection agencies able to remove monies from the child's UTMA account to pay on a parents delinquencies? BetfamWhat is the name of your state (only U.S. law)?

[Antigone*of*Greece]

Originally Posted by betfam

What is the name of your state (only U.S. law)? Montana

If a parents name appears as custodian or back up custodian on a child"s UTMA account are banks/collection agencies able to remove monies from the child's UTMA account to pay on a parents delinquencies? BetfamWhat is the name of your state (only U.S. law)?

If the accounts are in your children's names with you as a custodian, their assests should be protected. However, a creditor may try and convice the court to overturn transfers into the account as attempts to illegally shelter the funds from their reach. You want to make sure you do not EVER co-mingle your funds with your child's.

Hope this helps. take care, ana

[betfam]

Thanks, now is it the same for a back-up custodian, that is one who would serve if the custodian becomes unable? We've gotten so much conflicting advice from the bank that set these up. They are telling us that there can only be one custodian but the other person can be a back up. Of course, they originally said there could be two which is what we did, we want to change it and get it right. B