While both types of compounds make up the basis of chemistry, the two types are rather different. The main difference is in the presence of a carbon atom; organic compounds will contain a carbon atom (and often a hydrogen atom, to form hydrocarbons), while almost all inorganic compounds do not contain either of those two atoms. While most inorganic compounds do not contain carbon, there are a few that do.
Minor Children: If your designated beneficiary is a minor (under age 18) at the time of your death, your benefit will be paid to the childâs court-appointed guardian. Alternatively, you may designate a custodian to receive the benefit on behalf of the minor under the Uniform Transfers to Minors Act (UTMA).
Exclusions - Individual Retirement Accounts cannot be opened as UTMA accounts. All funds withdrawn from the account must be used for the benefit of the minor. â¢ The custodian, NOT the Bank, is responsible for monitoring the use of the funds in the account. The social security number of the minor must be used for interest reporting purposes. â¢ Only the parent or legal guardian can certify the minor's SSN. â¢ Unless the custodian is the parent or legal guardian, the custodian may not certify the minor's SSN.