Michigan Custodian Agreement

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9188
• Format: Word; Rich Text

Description

Custodian Agreement between First American Insurance Portfolios, Inc. and U.S. Bank National Association dated December 8, 1999. 17 pages The Michigan Custodian Agreement is a legally binding contract that outlines the responsibilities and obligations between the custodian and the beneficiary of a custodial account. This agreement is essential when transferring and managing assets on behalf of a minor or an incapacitated individual in the state of Michigan. The Michigan Custodian Agreement specifies the duties of the custodian, who is entrusted with the management and protection of the assets held within the custodial account. They are responsible for making investment decisions, maintaining accurate records, and acting in the best interests of the beneficiary. One type of Michigan Custodian Agreement is the Uniform Transfers to Minors Act (TMA) Custodian Agreement. This agreement allows for the transfer of assets to a minor without the need for a formal trust. Under the TMA, the custodian manages the assets until the minor reaches the age of majority, usually 18 or 21 years old, depending on the state legislation. Another type of Michigan Custodian Agreement is the Uniform Custodial Trust Act (UCLA) Custodian Agreement. This agreement works similarly to the TMA, but it allows the custodian to manage the assets for a longer period, potentially until the beneficiary reaches the age of 25 or even longer if specified in the agreement. The UCLA provides more flexibility in terms of the age at which the custodial relationship terminates. In general, a Michigan Custodian Agreement includes key provisions indicating the powers and limitations of the custodian, the conditions for distributing assets to the beneficiary, and rules for accounting and reporting. It addresses various aspects such as investment management, tax obligations, termination, and the process for successor custodianship should the custodian be unable or unwilling to continue in their role. It is important to note that the terms of a Michigan Custodian Agreement may vary depending on the specific circumstances and the assets involved. Professional legal advice is recommended to ensure that the agreement properly reflects the intentions and goals of all parties involved and complies with applicable state laws and regulations.

The Michigan Custodian Agreement is a legally binding contract that outlines the responsibilities and obligations between the custodian and the beneficiary of a custodial account. This agreement is essential when transferring and managing assets on behalf of a minor or an incapacitated individual in the state of Michigan. The Michigan Custodian Agreement specifies the duties of the custodian, who is entrusted with the management and protection of the assets held within the custodial account. They are responsible for making investment decisions, maintaining accurate records, and acting in the best interests of the beneficiary. One type of Michigan Custodian Agreement is the Uniform Transfers to Minors Act (TMA) Custodian Agreement. This agreement allows for the transfer of assets to a minor without the need for a formal trust. Under the TMA, the custodian manages the assets until the minor reaches the age of majority, usually 18 or 21 years old, depending on the state legislation. Another type of Michigan Custodian Agreement is the Uniform Custodial Trust Act (UCLA) Custodian Agreement. This agreement works similarly to the TMA, but it allows the custodian to manage the assets for a longer period, potentially until the beneficiary reaches the age of 25 or even longer if specified in the agreement. The UCLA provides more flexibility in terms of the age at which the custodial relationship terminates. In general, a Michigan Custodian Agreement includes key provisions indicating the powers and limitations of the custodian, the conditions for distributing assets to the beneficiary, and rules for accounting and reporting. It addresses various aspects such as investment management, tax obligations, termination, and the process for successor custodianship should the custodian be unable or unwilling to continue in their role. It is important to note that the terms of a Michigan Custodian Agreement may vary depending on the specific circumstances and the assets involved. Professional legal advice is recommended to ensure that the agreement properly reflects the intentions and goals of all parties involved and complies with applicable state laws and regulations.