Maine Gift of Unregistered Securities pursuant to the Uniform Gifts to Minors Act
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How to fill out Gift Of Unregistered Securities Pursuant To The Uniform Gifts To Minors Act?
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FAQ
Eight states (Florida, Virginia, Washington, Alaska, Ohio, Oregon, Pennsylvania and Tennessee) have their UTMA age of majority from 21 to 25. Wyoming's range is the widest, spanning from 21 to 30.
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.
Alaska, Arkansas, California, Washington DC, Kentucky, and Michigan Maine are some of the states that allow UTMA accounts to be chosen for payout between the ages of 18-21. California and Nevada are an exception, as they allow the range to be 18 to 25.
Depending on the state a UTMA account is handed over to a child when they reach either age 18 or age 21. In some jurisdictions, at age 18 a UTMA account can only be handed over with the custodian's permission, and at 21 is transferred automatically.
It's called the Uniform Transfers to Minors Act (UTMA), a type of custodial account that allows parents or other caretakers to pay expenses for anything child-related, including tuition.
How does an UTMA account work? An adult opens the UTMA account and contributes to it on behalf of a minor beneficiary. The custodian manages the account until the minor comes of age. All custodial assets transfer to the UTMA beneficiary.
The age of majority for an UTMA is different in each state. In most states, the age of majority is 21 ? which means that when a child turns 21, the custodianship of assets will end. But in other states, the age of majority is either 18 or 25. The custodian can also sometimes choose between a selection of ages.
When Can a Child Claim Ownership of an UTMA Account? Depending on the state a UTMA account is handed over to a child when they reach either age 18 or age 21. In some jurisdictions, at age 18 a UTMA account can only be handed over with the custodian's permission, and at 21 is transferred automatically.
