Chicago, IL asked in Estate Planning and Probate for Ohio

Q: My late mother left 12 CD's and only listed the great grand kid's (minors) as beneficiaries. Now we can't access the $.

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T. Augustus Claus
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A: In Ohio, if minors are designated as beneficiaries on financial instruments like CDs without specifying a custodian, complications can arise. Under the Ohio Uniform Transfers to Minors Act (UTMA), assets can be transferred to minors with an adult custodian managing them. If no custodian was named, a court might have to appoint one. Alternatively, a guardianship might need to be established for each minor to oversee the funds. Such funds are generally used exclusively for the minor's benefit until they reach the age of majority, which is 18 in Ohio.

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