Form used to designate a successor custodian for either an UGMA or UTMA account in the event that the original custodian resigns, dies, is incapacitated or is removed as custodian.

Like all custodial accounts, the minor will take control of the account when they reach the specified age in their state. A custodial 529 account is very similar to a traditional 529 account. The key difference is that the beneficiary on a custodial account cannot be changed.

If the custodian of the account dies, a new custodian must be named. The new custodian is appointed under the provisions of the applicable state UTMA or UGMA listed on the account. Typically, under the applicable UTMA/UGMA statute, the custodian may name a successor upon death.

The age at which the minor takes control of the custodial account depends on the minor’s state of residence and whether the custodial account was created as an UGMA or an UTMA account….Age of Majority and Trust Termination.

You may designate a successor custodian only if you are the current custodian of the account. The custodianship remains subject to UTMA/UGMA provisions of the original donor state in which the transfer/gift was made despite a subsequent change in residence of a transferor, the minor, or the custodian.

As the custodian, you can withdraw money from a custodial account if you need to use it to pay for something that will benefit the minor. You can’t take the money back yourself, or give it to someone else.

A. Congrats to your son on his big birthday! UGMA and UTMA accounts used to be very popular for college savings because of favored tax laws. But when your child reaches the age of majority – 18 or 21, or even older, depending on the state – you, as the custodian, lose all control over the account.

Under the Texas Uniform Gifts to Minors Act (UTMA), children’s future assets will be held in a custodial account until they reach the age of 21. While transfers under the UTMA may help to set aside funds for your children, another option is to establish a trust.

Successor Custodian means a custodian specified by the Fund acceptable to the Counterparty in its reasonable discretion; provided that, the Custodian may petition to a court of competent jurisdiction for the appointment of a successor custodian, if 90 (ninety) days have elapsed from the date on which the Notice of …

What Happens to an UTMA When a Child Turns 21? When the child beneficiary of a custodial account reaches the age of majority in your state, everything in the account will pass onto them.

Can you have more than 1 custodian on a UTMA Account? A transfer may be made for only one (1) minor, and only one (1) person may be the custodian. All custodial property held under this act by the same custodian for the benefit of the same minor constitutes a single custodianship.

Under the Uniform Transfers to Minors Act (UMTA), money deposited into a UTMA account cannot be withdrawn for any reason—except by the child at the appropriate age. In the United States, a child’s money does not belong to the child’s parents or guardians.

If more than one successor was named, they succeed to the custodian’s position in the designated order. If the minor isn’t yet 14 or fails to act within 60 days, his/her conservator (if any) becomes custodian by default

Unless the nomination of a custodian has been revoked, the custodianship becomes effective on the occurrence of the future event, and the custodian shall enforce a transfer of the custodial property under Section 141.010. Amended by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.

Some states have UTMA laws which allow a custodian to keep control of assets in the UTMA until age 25, but in New York the law is as follows: If custodian appointed in will or trust, custodianship ends at age 21. If custodian appointed by executor, transfers exceeding $50,000.00 must be authorized by court, and custodianship ends at age 18.

UTMA laws in New York are designed to help protect assets left to minors. The UTMA laws determine limits and guidelines for when minors may receive their inheritance, even when it is left in the capable hands of a custodian. Each state has different UTMA laws. Leaving an Inheritance to Minors.