Custodial Accounts

[Louise22]

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

My husband and I want to open a joint CUTMA account for a CD for our grandson, age ten. For the particular bank we selected, the application form doesn't have a place for either a joint owner or beneficiary. When I called, the customer service representative just told me that neither joint owners nor beneficiaries are allowed.

That seems like it would unnecessarily complicate things if the owner of the account dies. Then the account would have to be under the jurisdiction of the will or estate, right?

Is this true, that CUTMA accounts for California residents can't have either a joint owner or beneficiary? And if so, what is the reasoning behind that?

Thanks for your answer.

 

[ecmst12]

This is a banking question, it has nothing to do with grandparents rights.

Have you tried asking another bank the same question?

 

[anteater]

...if the owner of the account dies...

I believe that you have some misconceptions about what an UTMA is all about.

Your grandson would be the owner. You (presumably) would be the custodian.

If you want to read the California UTMA statutes, they are here:

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=prob&group=03001-04000&file=3900-3925