I think even if it wasn’t available, you would still have to report it. I think it would behave like a trust fund. The only exceptions I can find are:
1)An involuntary trust established by a court or where the use of the trust has been restricted by court order, such as a trust fund to pay future medical expenses of an accident victim.
2)A trust whose ownership is being legally contested and for which access to the trust is frozen by the court. This most often happens in divorce cases.
3)Section 529 prepaid tuition plans.
http://www.finaid.org/savings/trustfunds.phtml
It is her asset, I don’t see how it should be reported any differently.