Get Custodial Account Procedures - Hamilton County Probate Court

By and large, if you believe your child will require a significant amount of financial aid, a custodial account may not be a good move. From a financial aid point of view, assets held in a minor's name count more heavily against financial aid eligibility than do the parents' assets or assets held in a 529 plan account.

The term custodial account generally refers to a savings account at a financial institution, mutual fund company, or brokerage firm that an adult controls for a minor (a person under the age of 18 or 21 years, depending on the laws of the state of residence).

But what happens when a minor, who has little or no income, experiences a loss in their Uniform Transfers to Minors Act (UTMA) custodial account? Losses can occur when shares are sold to withdraw funds or to change investments. Unfortunately, the parents cannot report the child's loss on their own tax return.

Copies of wills can be requested using the Genealogical Records Request Form. For each will that you request, please include the person's first and last name, the box number, and the case number if available. The minimum charge for mail service is $10, which covers up to 40 photocopies.

The Honorable Paul Rattermann, Chief Magistrate Paul D. Rattermann is a Magistrate of the Hamilton County Probate Court. Before joining the Court in 2003, he was in private practice for 17 years and was a partner in the firm of Statman, Harris and Eyrich.

A simple explanation would be, a custodian is a financial institution providing the holding and safekeeping of assets including digital assets. The main difference between the traditional banks and custodians is that custodians can manage, store and exchange cryptocurrencies.

A custodial account is generally created by a parent or grandparent for the benefit of a minor child or grandchild. When you put money into a custodial account, you make a gift to the minor beneficiary of the account, even though the minor does not control the account.

A custodial account can be a great way to save on a child's behalf, or to give a financial gift. Otherwise known as an UGMA/UTMA account, there are no income or contribution limits—and no early-withdrawal penalties or restrictions on how the funds are used for the child.