Alaska Instructions to Receive Life Insurance Funds on Behalf of a Minor are the rules and regulations that must be followed when a minor is the beneficiary of a life insurance policy. In order to receive the life insurance funds, the minor must have a custodian appointed for the funds. The custodian will be responsible for managing the funds until the minor reaches the age of majority. There are two types of Alaska Instructions to Receive Life Insurance Funds on Behalf of a Minor: the Uniform Transfer to Minors Act (TMA) and the Uniform Gift to Minors Act (UGA). Under the TMA, the person appointed as custodian is responsible for managing the funds for the benefit of the minor and must follow the instructions provided by the donor or the court. The UGA allows the custodian to manage the funds in any way that is in the best interests of the minor as long as the custodian is not using the funds for their own benefit. In both cases, the custodian must provide an accounting to the court each year and must file an annual tax return on behalf of the minor. The custodian must also provide a final accounting and a petition for discharge when the minor reaches the age of majority.
Alaska Instructions to Receive Life Insurance Funds on Behalf of a Minor
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