Is a trust account established for the benefit of a minor subject to the 18-65 statute?
No. A minor is only the beneficiary of a trust account. The account is a separate entity from the minor which can be accessed by a non-qualifying person under the 18-65 law. Therefore, it is not a minor’s account and not covered by the 18-65 law. • Is an account established under G.L. c. 201A, The Massachusetts Uniform Transfers to Minors Act, subject to the 18-65 law? Yes. As the transfer is irrevocable and the custodian must use the funds only for the minor’s benefit, it is the minor’s account and is therefore covered until that minor reaches the age of 19. • Does the 18-65 law restrict a bank’s authority to set other terms and conditions on accounts of eligible depositors? No. The purpose of G.L. c. 167D, s. 2, as understood by the Division, is solely to add a feature – no fees, charges or assessments – to accounts of those depositors meeting the age requirements set out in the law. However, a bank’s general ability to structure the terms and conditions of accounts if used to dimini
