Allowable under the Pennsylvania Uniform Gift to Minors Act, a custodial account allows parents or other interested parties to give a gift of money to a minor without the need of a court-appointed guardian. A custodial account is listed under the minor’s name and Social Security Number and:
- All funds must be used for the child’s benefit
- The custodian handles all transactions on behalf of the minor until age 21
- Dividends paid on the account is computed daily and compounded and posted monthly
Consider a tentative trust account with TruMark Financial for funds you want to leave to a beneficiary. You’ll retain full rights and access to the account while you’re living. A TruMark Financial trust account also allows you to:
- Revoke the trust agreement at any time
- Use the account as collateral on a share-secured loan
If you’re the legally-appointed executor of an estate, an estate account at TruMark Financial may help you handle the financial matters of the deceased person. This type of account offers:
- An easy way of paying bills and distributing assets of the estate
- Interest paid on the account is computed daily and compounded and posted monthly
A restricted burial account can be established for members receiving state aid for nursing home care. These funds, set aside in a frozen account for the sole purpose of burial expenses, cannot be seized by the state. The interest on this account is compounded and posted monthly.