The Illinois Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act is a legal document that allows an individual to name a successor custodian for assets transferred to a minor under the Uniform Transfers to Minors Act (TMA) in the state of Illinois. This designation ensures that the assets will be managed and used for the minor's benefit until they reach the age of majority. Keywords: Illinois, Designation of Successor Custodian, Donor, Uniform Transfers to Minors Act, minors, legal document, successor custodian, assets, age of majority, TMA. Types of Illinois Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act: 1. Illinois Designation of Successor Custodian for Financial Assets: This type specifically focuses on assets such as cash, stocks, bonds, or other financial instruments that are transferred to a minor under the TMA. By naming a successor custodian, the donor ensures proper management and financial oversight of these assets. 2. Illinois Designation of Successor Custodian for Real Estate: This type is applicable when the donor intends to transfer real estate or property to a minor under the TMA. By designating a successor custodian, the donor ensures that the designated individual has the authority to manage and oversee the property until the minor reaches the age of majority. 3. Illinois Designation of Successor Custodian for Personal Property: This type addresses the transfer of personal property, including belongings such as vehicles, furniture, collectibles, or any other tangible assets that are being transferred to a minor under the TMA. By appointing a successor custodian, the donor ensures that the designated individual has the responsibility to safeguard and manage these assets until the minor becomes of legal age. 4. Illinois Designation of Successor Custodian for Intangible Assets: This type deals with assets that are intangible in nature, such as intellectual property rights, copyrights, patents, royalties, or any other intangible assets being transferred to a minor under the TMA. By naming a successor custodian, the donor guarantees proper administration and protection of these assets until the minor reaches the age of majority. In conclusion, the Illinois Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act is an essential legal instrument that allows individuals to specify a trusted individual to manage and oversee assets transferred to a minor under the TMA in Illinois. By utilizing this designation, donors can ensure the efficient and effective management of their assets for the benefit of the minor until they reach the age of majority.
Illinois Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act
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How to fill out Designation Of Successor Custodian By Donor Pursuant To The Uniform Transfers To Minors Act?
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FAQ
A Letter of Successor is a document that appoints a person or institution to take over should the trustee or custodian die, resign, or otherwise become unable to act.
If the minor has not attained the age of 14 years or fails to act within 60 days after the ineligibility, death, or incapacity, the guardian of the minor becomes successor custodian.
UGMA/UTMA account assets can be transferred into a new account established by the now adult beneficiary as a sole or joint owner.
If a minor has reached the age of twenty-one (21) and seeks to withdraw the funds from the UTMA account of which he/she is the beneficiary, the minor must contact the custodian, as the custodian is the only person authorized to make withdrawals or close the account.
If appointing a new custodian, the signature of the previous custodian, a death certificate, or an official court document must be provided. If the former minor's legal name has changed, please provide the previous and new names where indicated.
Under the laws that govern custodial accounts, including the Uniform Transfers to Minors Act (UTMA), account custodianship ends and the beneficiary becomes eligible to assume control of the account at a specified age?typically 18 or 21, depending on the state.
TO WHOSE ESTATE DOES THE CUSTODIAL ACCOUNT BELONG? Custodial accounts are part of the minor's estate in the event of the minor's or custodian's death prior to the minor attaining distribution age unless you, as the donor who established the custodial account, are also the custodian.
The Illinois UTMA specifically provides for the following to be transferred to a custodian: certificated or uncertificated securities; money paid or delivered to a broker or financial institution for credit to an account held for the minor; a life or endowment insurance policy or annuity contract; property subject to a ...
