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- A custodian is the (trusted) person who will manage the distribution and safekeeping of any financial assets designated by, say, a life insurance policy or a will, to a child while he or she is still a minor.
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Dec 29, 2022 · A custodian is the (trusted) person who will manage the distribution and safekeeping of any financial assets designated by, say, a life insurance policy or a will, to a child while he or she is still a minor.
- Rachel Parisi
Aug 1, 2018 · A custodian does not have legal custody over the minor, unlike a legal guardian. Rather than functioning as a surrogate parent, a custodian merely handles financial assets. Life insurance custodians exist because life insurers legally cannot pay a death benefit directly to a minor.
In the realm of life insurance, the term custodian can also refer to the individual or entity responsible for distributing the financial assets derived from a life insurance payout. Their role involves ensuring the proper allocation and delivery of the funds to the designated beneficiaries or recipients. In summary, a custodian is a financial ...
Learn about the The Uniform Transfers to Minors Act, or UTMA. One final detail that all parents need to consider when arranging their life insurance policy is choosing an appropriate beneficiary or custodian.
Jan 18, 2024 · A custodial account is a savings account that an adult oversees and manages for a minor until they’re considered a legal adult. In some states this may be 18, in others it could be 21 or even up to 25. A custodial account may be made up of cash or it could be a bunch of different things like securities, real estate, even art.
Aug 14, 2023 · A custodial account is an investment account that is opened and controlled by an adult, often a parent, on behalf of a minor. The adult, known as the custodian, is responsible for managing the account and making investment decisions for the minor, aka the beneficiary.
Aug 30, 2023 · A custodial account is a type of financial account that an adult—such as a parent, grandparent or even a sibling—opens on behalf of a minor child. The custodian is in charge of managing the...
