Successor Custodian or POD on Minor Account
Successor Custodian means a custodian specified by the Fund acceptable to the Counterparty in its reasonable discretion; provided that, the Custodian may petition to a court of competent jurisdiction for the appointment of a successor custodian, if 90 (ninety) days have elapsed from the date on which the Notice of Termination was provided and no successor custodian has otherwise been appointed and . If the custodian is, for example, the custodian of the estate of the adult who had custodial control of the UGTMA account the situation is different. A successor trustee is normally required when.
Answered by: John Burnett. Every version of the UTMA that I have looked at includes a provision that allows the naming of a successor custodian at the time of the transfer of property to the custodian.
There are other opportunities to designate successor custodians, too. I believe that you should get information on any successor custodian at the time you open the account, but you should cstodian any individual who claims access to the account in that capacity. Sucdessor example, a successor custodian has no authority unless the custodian steps down or is otherwise unable to act.
I have personally seen such a what height to mount tv on wall in bedroom only under Oklahoma law, and it's designed to be effective only if the minor who is the beneficial owner of the property dies before reaching the age for transfer of assets from the custodianship to the beneficial owner.
First published on BankersOnline. Skip to content. Answered by:. John Burnett. Can a minor account be set up with a successor custodian or POD? Filed under:. Filed under operations as:. Report a problem with this page. Search Complaince Content. Subscribe NOW!
A Successor Custodian may also be nominated for designation when a party seeks to remove a Custodian under R.C. For more information on designation of a Successor Custodian please see R.C. Initial Deposit (Cash/ Check/ Money Order Only) $Application to Approve Designation of Successor Custodian (LCPC Form ) with filing. Jun 16, · For example, a successor custodian has no authority unless the custodian steps down or is otherwise unable to act. As for any POD designation, make very certain that your state's laws provide for POD designations in UTMA transfers. Successor custodian. (A) Any person who is eighteen years of age or older or a trust company is eligible to become a successor custodian. A successor custodian has all the rights, powers, duties, and immunities of a custodian designated in a manner prescribed by sections to of the Revised Code.
Asked by Wiki User. If the custodian is the custodian or successor of the UGTMA in the event of the custodians death - yes by definition that is the custodians responsibility. If the custodian is, for example, the custodian of the estate of the adult who had custodial control of the UGTMA account the situation is different. A successor trustee is normally required when setting up the custodial account.
Remember, the assets are in the minors estate not the custodians. According to Peano's axiomatic definition for integers, it is the successor of The concept of successor in the definition of the set of integers. A guardian or protector. This was the original definition of "custodian" before the modern janitorial connotation. A "successor" is one who "succeeds", or follows after, another. Heirs, "next in line", descendants, and beneficiaries are all examples of successors. The one "succeeded" is referred to as the "predecessor".
President is the custodian. The school custodian kept the hallways clean. The birth records are maintained by a county custodian. Caliph refers to a Muslim civil and religious ruler, widely viewed as the successor of Muhammad. If non custodian don't pay child support Can custodian parent move from virginia? According to the will,Joseph will remain the custodian of the estate.
The pronouns that take the place of the noun 'custodian' are he or she as a subject, and him or her as an object in a sentence. Examples:I called the custodian about the leak. Hewill be here shortly. The custodian of the account will bring the records with her. The appropriate pronoun for custodian is he subjective , him objective , she subjective , her objective , it subjective or objective appropriate for an organization or institution that is the custodian.
The constitution made the supreme court as the custodian and protector. A custodian helps clean ups or takes care of something or someone. Most of them are in schools. A custodian holds securities and other assets in electronic or physical configuration. Custodian has a short "u" and a long "i" and a long "o". According to Peano's axioms, in either system, it is the successor to the successor to the successor to the successor to the successor to 0. From the list below, click on the tasks that you believe to be Equipment Custodian responsibilities.
A bank could be a custodian but most if not all are not set up to be nor are they willing to do so. You will need to use a custodian specializing in self-directed IRAs. Ask Question. Be the first to answer! Related Questions. Can a custodian's power of attorney transact on behalf of the minor on an ugtma?
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