What happens to a UTMA account when the minor turns 18?

When the minor beneficiary of an UTMA custodial account reaches the age of majority, the custodianship is over, and they get legal control over everything that's in the account. It's important to note that the age of majority is slightly different in each state. In most cases, it's either 18 or 21.

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Transfer of Property under the New York Uniform Transfer to Minor's...

Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act

Name: Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act
Brand: US Legal Forms
Rating: 4.69 (356 reviews)

Category:

New York Family Law - Minors

State:

New York

City:

Yonkers

Control #:

NY-03255BG

Format:

Instant download

Description

Under New York Law, custodial property is created and a transfer is made whenever:

1. An uncertificated security or certificated security in registered form is either: (i) registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act"; or (ii) delivered, if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement, to an adult other than the transferor or to a trust company, as custodian, accompanied by an instrument in substantially the form set forth in paragraph (b);

2. Money is paid or delivered, or a security held in the name of a broker, financial institution, or its nominee is transferred, to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act";

3. The ownership of a life or endowment insurance policy or annuity contract is either: (i) registered with the issuer in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act"; or (ii) assigned in a writing delivered to an adult other than the transferor, or to a trust company whose name in the assignment is followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act";

4. An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to the transferor, an adult other than the transferor, or a trust company, whose name in the notification is followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act";

5. An interest in real property is recorded in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act";

6. A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either: (i) issued in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act"; or (ii) delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act"; or

7. (a) An interest in any property not described in subparagraphs (1) through (6) is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in paragraph (b). (b) An instrument in the following form satisfies the requirements of clause (ii) of subparagraph (1) and subparagraph (7) of paragraph (a)

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How to fill out Yonkers Transfer Of Property Under The New York Uniform Transfer To Minor's Act?

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FAQ

The UTMA allows the donor to name a custodian, who has the fiduciary duty to manage and invest the property on behalf of the minor until that minor becomes of legal age. The property belongs to the minor from the time the property is gifted.

There is no ability to transfer a UGMA or UTMA account to another child or to change beneficiaries. You are not supposed to use a UTMA-529 or UGMA-529 account conversion to change the beneficiary either because that would equate to giving your child's money to someone else.

Steps for transferring UTMA to child Step 1: set up a brokerage account. If you plan to invest cash or securities into a UTMA account for your child, start by opening a UTMA account at your banks or a local investment firm.Step 2: add assets.Step 3: use the funds.

When the minor beneficiary of an UTMA custodial account reaches the age of majority, the custodianship is over, and they get legal control over everything that's in the account. It's important to note that the age of majority is slightly different in each state. In most cases, it's either 18 or 21.

Since UTMA accounts are funded with after-tax dollars, withdrawals are not taxed. However, unearned income?such as interest, dividends, and capital gains generated by assets in the account?may be subject to taxation.

The UTMA generally requires the custodian to transfer the custodial property to the minor when the minor reaches the age of 21 (unless the person creating the account, in designating the custodian, elects the age of 18 instead).

How can I help transfer the account? Once the minor has reached the age of termination, let them know they are now able to transfer the custodial account into an individual nonretirement account. Simply provide them with the UGMA/UTMA account number. They can then register for web access and complete the transfer.

Transferring an UTMA account Generally, the UTMA account transfers to the beneficiary when they become a legal adult, which is usually age 18 or 21, but it can be later. The age of adulthood may be defined differently for custodial accounts, like UTMAs or 529 plans, depending on your state.

You can use an UTMA accounts to invest in typical securities, like stocks, bonds, mutual funds, and ETFs. These accounts can also hold life insurance policies and real estate property, as well as other assets like royalties, patents, and fine art.

UGMA/UTMA account assets can be transferred into a new account established by the now adult beneficiary as a sole or joint owner. To get an account application, contact your financial professional or find one by using our financial professional locator. For additional assistance, contact us.

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Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act

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How to fill out Yonkers Transfer Of Property Under The New York Uniform Transfer To Minor's Act?

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FAQ

How does UTMA transfer work?

Can you transfer UTMA to another child?

How do I transfer my UTMA account to my child?

What happens to a UTMA account when the minor turns 18?

Is transferring UTMA taxable?

At what age do UTMA accounts transfer in New York?

How do I transfer UTMA to individual?

When can I transfer my UTMA account?

Can UTMA accounts hold real estate?

Can UTMA accounts be transferred?

Interesting Questions

What is the New York Uniform Transfer to Minor's Act?

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How is the transferred property managed until the minor reaches the specified age?

Can the custodian use the transferred property for the minor's benefit?

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