With the new Membership Designations system released as part of the Fall 2005 release, the old custodial flag has been made obsolete.  When your data is converted for the release, all individual accounts that were tagged as custodial accounts will be flagged with a Membership Designation of "CS."  The primary member's name will be labeled as "Minor" and any joint owner names will be labeled as "Custodian" (labels appear on various inquiry screens in place of the generic "Name" or "Joint Owner" label).  These labels are CU-defined so you can change them via Tool #523 "Membership Designation Configuration " if needed. 
NOTE:  Organizational accounts cannot be labeled with the CS membership designation.