MUTMA Accounts definition
MUTMA Accounts. Massachusetts law allows an adult to make an irrevocable gift or transfer of property to a minor under the terms of the Massachusetts Uniform Transfer to Minors Act (MUTMA). This account is opened under the TIN of the minor. However, the adult, as custodian of the funds, is the only person who may transact business on the account. It is the obligation of the custodian to use the funds for the sole benefit of the minor and to turn the funds over to the minor when the minor attains age 21. We will not be liable to the minor or anyone representing the minor for the conduct of the custodian with regard to the account.
MUTMA Accounts. Massachusetts law allows an adult to make an irrevocable gift or transfer of property to a minor under the terms of the Massachusetts Uniform Transfer to Minors Act (MUTMA). This account is opened under the TIN of the minor. However, the adult, as custodian of the funds, is the only person who may transact business on the account. It is the obligation of the custodian to use the funds for the sole benefit of the minor and to turn the funds over to the minor when the minor attains age 21. We will not be liable to the minor or anyone representing the minor for the conduct of the custodian with regard to the account. Unwritten Trusts: Also known as ▇▇▇▇▇▇ Trusts or pay-on-death accounts. This type of account may be set up by one or two trustees, for the benefit of up to four named beneficiaries. The trustee(s) are the owner(s) of the funds in the account and any one trustee, acting alone, may close the account, change the account type, and withdraw all or part of the funds in the account. Upon the death of the last of the trustee(s), the funds in the account will be distributed, subject to any bank claims, to the surviving beneficiary(ies) in equal shares. The Bank must have written instructions from all surviving beneficiaries and death certificates for any deceased beneficiary before any funds will be distributed and all funds will then be distributed in full on the same day and the account closed. If a beneficiary is not able to be present in a Bank branch, the Bank will accept a properly notarized letter directing distribution of that beneficiary’s share of the
MUTMA Accounts. Massachusetts law allows an adult to make an irrevocable gift or transfer of property to a minor under