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Under Illinois law, how should we title an account established under the Uniform Transfers to Minors Act (UTMA)? – IBA Compliance Connection

IBA Compliance Connection

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Under Illinois law, how should we title an account established under the Uniform Transfers to Minors Act (UTMA)?

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Accounts established under the Illinois UTMA must be designated in the name of the minor’s account custodian followed by the words “as a custodian for  ………….. (name of minor) under the Illinois Uniform Transfers to Minors Act.” 

For resources related to our guidance, please see:

  • Illinois Uniform Transfers to Minors Act, 760 ILCS 20/10(a)(2) (“Custodial property is created and a transfer is made whenever . . . money is paid or delivered to a . . . financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: ‘as custodian for ………. (name of minor) under the Illinois Uniform Transfers to Minors Act.’”)