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How do you name a custodian under UTMA?

Naming a Custodian The custodian you name should be reliable, honest and capable of prudently managing resources. He or she should also live near the child. If possible, you should name the person who will be the child's personal guardian. This will often be the child's other parent.

Can you have a successor custodian on an UTMA account?

You may designate a successor custodian only if you are the current custodian of the account. I hereby designate the following successor custodian in the event of my resignation, disability or death.

What does successor custodian mean?

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 ...

What happens when custodian of UTMA dies?

In general, if a custodian dies without having effectively designated a successor and the minor is 14 years old or older, the minor may designate as successor custodian an adult member of the minor's family, a guardian of the minor, or a trust company (from Massachusetts' version).