| 1. |
|
| 2. |
|
| 3. |
|
Ratings. Guidance. The Right Lawyer.
A will says money can be held in trust up until the age of 35, but it has been put into a custodial account in MA.
Boston, MA
Viewed 43 times.
Posted 25 days ago in Estate Planning
Flag as objectionable
The will says the money can be held in trust up until the age of 35. Some of the money has been placed into a custodial account in MA. These accounts normally switch ownership at the age of majority. Is the money able to be kept until 35 despite it being in a custodial account?
Additional information
The custodial account is a UTMA account. Answers (2)
John Thomas Gosselin
This attorney is licensed in Massachusetts and 1 other state.
Posted 24 days ago.
Flag as objectionable
The short answer is "no", money held in custodial accounts belong to the minor for probate purposes. This means that at death of the custodian the money passes to the control of the minor's parent for the duration of the child's minority (normally 18, but could be 21) and then passes to the child outright upon attaining the relevant age. The will will only control the disposition of that which passes by probate, ordinarily those assets only in the name of the decedent.
Freya A Shoffner
This attorney is licensed in Massachusetts.
Posted 24 days ago.
Flag as objectionable
Attorney Gosselin has given you the right answer. The Will does not control the disposition of the funds held in the Custodian account. That is because the funds in the Custodian account have belonged to the beneficiary since the account was opened. Only the beneficiary's access to those funds is limited. Therefore, the custodian cannot hold the funds in the Custodian account until the beneficiary is 35.
|
