Yes, a minor’s sibling may be an UTMA custodian, provided that the sibling is at least 21 years old or was the transferor of the account funds to the minor. For money held in a deposit account, the UTMA custodian either must be: (1) the transferor, (2) an adult other than the transferor (defined as someone over 21 years old), or (3) a trust company.

For resources related to our guidance, please see:

• Illinois Uniform Transfers to Minors Act, 760 ILCS 20/4(b) (“A custodian nominated . . . must be a person to whom a transfer of property of that kind may be made under Section 10(a).”)

• Illinois Uniform Transfers to Minors Act, 760 ILCS 20/10(a)(2) (“Custodial property is created and a transfer is made whenever . . . . (2) money is paid or delivered to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company . . . .”

• Illinois Uniform Transfers to Minors Act, 760 ILCS 20/2(1) (An “adult” is an “individual who has attained the age of 21 years.”)