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Ownership affects the availability of a liquid asset. 1. One Owner - Unlimited access If there is only one owner of a bank account, insurance policy, etc., access by the owner is unlimited. The asset is totally available. When ever policy indicates that a liquid asset is available but a/b states that it is owned by someone else refer to Section V. for policy on resulting trusts. 2. Jointly Owned Bank Accounts a. “OR” account—Either owner may withdraw all funds without the permission of other owner(s). The liquid asset is 100% available. b. “AND” account—Signatures of both owners are required to withdraw any funds. (1) If the other owner consents to or participates in withdrawal for a/b, the asset is 100% available for the a/b. (2) If the other owner refuses to consent or participate, the asset is not available. However, a transfer of assets penalty may apply if the a/b is institutionalized. Refer to MA-2240 Transfer of Assets, for transfer of assets policy. (3) If the other owner does not respond or cannot be located, the asset is not legally available to the a/b. Assume the other owner is refusing to dispose after the 2 standard requests for information. c. “FOR” account - A guardian is established for the depositor. The guardian has no ownership interest. 3. Funds held For a Minor The funds belong to the minor if: a. It can be shown that the funds originally belonged to the minor and a resulting trust (See Section V.) exists in favor of the minor; or b. The funds did not originally belong to the minor but: (1) The minor’s name and Social Security number were put on the account, or (2) Documentation, provided in accordance with V., establishes that the funds have been transferred to the child and a resulting trust exists. If the original owner was the a/b, evaluate for transfer of assets. 64