What are donor and custodial responsibilities?

Donor Responsibilities The donor is the person who provides the funds and appoints the custodian. Donor gifts are irrevocable, not tax-deductible and can only be made during the donor’s lifetime.

Custodial Responsibilities The custodian manages how the funds are spent or invested once the account is opened. The custodian is the only signature holder on the account and the only person who can perform transactions on the account, which can only be used for the benefit of the minor. Funds may be invested in a savings account or URW certificates. The custodian is responsible for transferring the funds to the minor. This can be done in writing, by visiting a branch or by calling 434.793.1278.