Virgin Islands Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act
Description
How to fill out Designation Of Successor Custodian By Donor Pursuant To The Uniform Transfers To Minors Act?
US Legal Forms - among the biggest libraries of legitimate kinds in the USA - gives an array of legitimate file web templates you may acquire or printing. While using website, you may get 1000s of kinds for enterprise and person purposes, sorted by categories, claims, or key phrases.You can get the most up-to-date models of kinds such as the Virgin Islands Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act in seconds.
If you have a registration, log in and acquire Virgin Islands Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act from your US Legal Forms catalogue. The Obtain option can look on every single kind you look at. You have access to all in the past downloaded kinds within the My Forms tab of your respective profile.
In order to use US Legal Forms the first time, allow me to share easy directions to obtain started:
- Make sure you have chosen the correct kind for the town/county. Go through the Preview option to check the form`s articles. Look at the kind description to actually have selected the appropriate kind.
- In the event the kind does not satisfy your requirements, take advantage of the Lookup industry towards the top of the display screen to discover the one that does.
- Should you be pleased with the form, affirm your option by simply clicking the Get now option. Then, select the prices plan you like and supply your qualifications to register for an profile.
- Method the purchase. Make use of charge card or PayPal profile to accomplish the purchase.
- Pick the structure and acquire the form on your own device.
- Make modifications. Load, modify and printing and indicator the downloaded Virgin Islands Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act.
Each format you put into your bank account lacks an expiry day and is also the one you have permanently. So, if you want to acquire or printing one more version, just proceed to the My Forms portion and click on on the kind you require.
Gain access to the Virgin Islands Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act with US Legal Forms, the most substantial catalogue of legitimate file web templates. Use 1000s of skilled and state-certain web templates that meet up with your company or person demands and requirements.
Form popularity
FAQ
SUCCESSOR CUSTODIAN means upon the death of the Custodian the individual designated as the successor custodian on a signature card related to an IUTMA account.
Only one custodian, one beneficiary (i.e., minor) and one successor custodian* can be assigned to an account. *A successor custodian is highly recommended in case of custodian's death.
Generally, when UTMA or UGMA accounts (UTMA/UGMA Accounts) are established, the beneficiary (a minor) becomes the owner of the property at the time of the gift; however, the custodian manages and invests the property on the beneficiary's behalf until the beneficiary reaches the age of majority, at which point the ...
UTMA allows the property to be gifted to a minor without establishing a formal trust. The donor or a custodian manages the property for the minor's benefit until the minor reaches a certain age. Once the child reaches a specified age set by the state, the child will have full control over the property.
What happens when the custodian dies prior to distribution to the minor is extremely problematic. In this case no one has access the account and the minor must wait until the stated age to claim the property. It may require a court order to a new custodian.
If a donor acting as the custodian dies before the account terminates, the account value will be included in the donor's estate for estate tax purposes. If a minor dies before the age of majority, a custodial account is considered part of the minor's estate and is distributed ing to state law.
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.
