Is CIP documentation required for court ordered accounts such as when minor children receive money from a sale of property and the court orders CDs to be purchased for the minors and held until they are 18 years old?
We open all minor accounts under the UGMA. We have an account where the child is now 19 years of age. Her father, the custodian, has closed the account and placed the funds in a regular account with just his name. What is our responsibility in monitoring how these accounts are maintained. Can the minor once they reach legal age, close the account with the custodian's permission? What rights does the child have once they reach legal age?
Question: We have been having a discussion about Uniform Gift to Minors Accounts (UGMA) and Uniform Transfer to Minors Accounts (UTMA).