custodian

noun cus·to·di·an \ ˌkə-ˈstō-dē-ən \

Updated on: 15 Apr 2018

Definition of custodian

: one that guards and protects or maintains; especially : one entrusted with guarding and keeping property or records or with custody or guardianship of prisoners or inmates

—

custodianship

play \ˌkə-ˈstō-dē-ən-ˌship\ noun

See custodian defined for English-language learners

See custodian defined for kids

Examples of custodian in a Sentence

the custodian made his usual rounds of the building to make sure that everything was OK
served as custodian of the prisoner until he could be turned over to federal authorities

Recent Examples of custodian from the Web

Without the right language, the IRA custodian might liquidate the IRA instead.

— liz weston, latimes.com, "Their kids are spendthrifts. How do parents protect them with a trust?," 8 Apr. 2018
Through the program, Perez, a custodian from El Salvador, was able to receive his high school diploma and complete advanced English and computer courses.

— cristela guerra, BostonGlobe.com, "‘It’s always a good time to study’: Harvard service workers learn English between shifts," 4 Apr. 2018
The 1969 play is also about a female custodian who tries to free a sea creature -- a dolphin, in this case -- from a laboratory using animals as weapons.

— sonia rao, chicagotribune.com, "'Stranger Things' creators deny accusation of stealing the show's premise," 4 Apr. 2018
Witnesses have disputed the official account, saying a handful of unarmed youngsters took Crespo away with little resistance from their two custodians.

— Washington Post, "In a corner of Spain, a struggle to stop drug smuggling," 3 Apr. 2018
As their custodians become aware of their financial value, the temptation to profit grows.

— The Economist, "Gospel truthsA symbolic struggle over ancient manuscripts," 22 Mar. 2018
In the Mat-Su Borough, where enrollment has been steadily increasing amid a population boom, the district saved $800,000 by changing the schedules of its custodians.

— nathaniel herz, Anchorage Daily News, "Here’s what three years of flat funding has meant for Alaska schools.," 25 Feb. 2018
Distributions of up to $100,000 may be made each year and count toward your RMD, but it will not be recognized as income on your tax return as long as the distribution goes directly from your IRA’s custodian to the charity.

— phil hanson, kansascity, "Despite changes, plenty of incentive remains for charitable giving in federal tax law | The Kansas City Star," 8 Feb. 2018
That someone was a custodian at Richland Northeast High School in south Carolina.

— monique judge, The Root, "Just Triflin’: Custodian Steals $180 From Students During National School Walkout Day," 16 Mar. 2018

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'custodian.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of custodian

1602

custodian Synonyms

Synonyms

guard, guardian, keeper, lookout, minder, picket, sentinel, sentry, warden, warder, watch, watcher, watchman;

bodyguard, convoy, defender, escort, honor guard;

gatekeeper;

Other Job Terms

factotum, milliner, ostler, scrivener, tinker, webster, wordsmith

Financial Definition of CUSTODIAN

custodian

noun

What It Is

A custodian is an institution or individual that can act as an agent and exercise legal authority over the financial assets of another individual or company.

How It Works

A custodian typically handles a variety of activities, including physically holding equities and bonds, settling purchases and sales, reporting the status of assets, tax compliance and reporting, and management of the client's accounts and transactions.

For example, a bank may act as a custodian for a customer's investment activities, moving funds into brokerage accounts, researching investment alternatives such as companies and funds which might be appropriate investment targets, instructing brokers to buy or sell securities, monitoring the investment activities within the account, and reporting account activity to the owner. The custodian may also prepare the necessary tax filings on behalf of the owner, based on the activities within the account.

Custodians may be appointed to hold control of assets of a minor or an incapacitated adult. An adult with legal status may act as the custodian for the accounts of a minor. For example, a common tax strategy is to give a financial gift to a minor when their tax rate is lowest. Under the Uniform Transfers to Minors Act (UTMA), an adult or parent establishes the account on behalf of the minor and serves as custodian, maintaining the legal authority and direction over the custodial account. When the minor becomes an adult, the custodian relinquishes his or her authority over the account.

The custodian role is often held by banks, law firms, or accounting firms which usually carry additional fees for the services.

Why It Matters

Custodian services are generally useful for absentee owners (i.e. owners who are not interested or able to be involved in the day-to-day management activities of their accounts), as well as complex transactions, management of substantial assets, timely reporting and compliance, and tax management strategies.

Source: Investing Answers