Children's bank account info

[Confused14]

[BROKENN]

Hi! I remember!
I am so glad that your atty is "no worries". Maybe because it is such a low amount?? Could be, when I got to little numbers my atty was not concerned either. I had to add my son but he has a full time job and I didn't think to get my name off until it was too late....

Yep, wish your atty had explained more too....

[AngelinaCat]

Don't you just love the "don't worry about it"s?

I'm the type that if you are telling me I shouldn't worry about something, I want to know EXACTLY why I shouldn't worry about it--especially when I have paid you all this money...... GGGGRRRR!!!! Attorneys!

[Confused14]

Exactly! If you tell me not to worry, then you have to explain why or else I will worry, A LOT!!! I hate when people tell me not to worry about something. 90% of the time there is valid reason to worry!!! The balances are less than $200 each, but I'm guessing since it's a UTTMA account it's not necessarily considered my account, I'm just the custodian. Since I was not given an explanation, I have to assume this and I hate assuming things!!! All in all, those accounts are the least of my worries when it comes to my BK!

[BROKENN]

Haha! I think that we all hate it and found this forum!!
I also hate ***mysteries*** especially when it's our LIVES! I agree, I have heard that way to often and am not fond of crossing my fingers!

[happy_ira]

As far as I know, based on what you wrote, UTMA accounts cannot be touched. An UTMA is an irrevocable gift to the minors. It's not your money. That you are the custodian for administrative or investment purposes doesn't make it your money. The assets in the UTMA account belong to the child. Period.

Some more reading for you: http://en.wikipedia.org/wiki/Uniform..._To_Minors_Act

Also, do a Google search on the topic.

[cool33097]

That is correct what the previous poster said. I have 2 kids, both have the account and they were/are untouchable.

[merlotwaytogo]

Thanks for the info. That was a question I had too. That's all I need. let me mess up my kids money too. Good Mommy!!!!

[Tbornetun]

As far as I know, based on what you wrote, UTMA accounts cannot be touched. An UTMA is an irrevocable gift to the minors. It's not your money. That you are the custodian for administrative or investment purposes doesn't make it your money. The assets in the UTMA account belong to the child. Period.

Some more reading for you: http://en.wikipedia.org/wiki/Uniform..._To_Minors_Act

Also, do a Google search on the topic.

[Flamingo]

If you have a savings account for a child that is "Your Name for the Benefit of XXXXX (your child)", you have a custodial account that you can access and withdraw money. In plain words, those funds are an asset to you. You need to report that information to your attorney when providing information for filing bankrukptcy. With small balances such as mentioned by the OP, there are usually no problems or issues.