Any lawyers out there? My mother set up savings accounts for each of my children..

[home4school]

I am the custodian or whatever you call it on them. For tax reasons, her name cannot appear on the account. She is afraid if I die before her and she were to need that money again, she couldn't get it. How can it be set up so her name isn't actually on it, but if I die, she would be able to access it?

 

Could I put it in my will that she is to become the custodian?

 

Thank you

[newbie]

I am not a lawyer, but worked in banks w/savings accts. for many yrs.

 

If they are minors and you pass, if she is listed as primary benificiary on the savings acct that should suffice. If something happens she would go into bank w/acct . nbrs, and her ID and that is enough to get funds.

 

Again , I am not a lawyer.

[Sharon H in IL]

A trust can own anything, and be set up to control any way you like, with residual control or profits or anything to go anywhere.

[gardening momma]

If they are minors and you pass, if she is listed as primary benificiary on the savings acct that should suffice. If something happens she would go into bank w/acct . nbrs, and her ID and that is enough to get funds.

This is what I was thinking was the case. I think even if the account holder is not a minor, a beneficiary can still be noted on the account. I seem to remember opening a savings account that asked for a beneficiary.