The Hennepin Minnesota Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act is a legal provision that allows individuals in Hennepin County, Minnesota, to designate a successor custodian for assets transferred to a minor under the Uniform Transfers to Minors Act (TMA). Under this designation, the donor, who is the person transferring assets to a minor, can name a trusted individual to act as the custodian in the event of their incapacity or death. This provision ensures the smooth management of assets for the minor's benefit and protects their financial well-being. The Designation of Successor Custodian by Donor option is one of the essential components provided by the TMA and offers flexibility to individuals making transfers to minors. It allows them to choose who will be responsible for managing and controlling the transferred assets until the minor reaches adulthood or a specific age, as determined by the donor. In specific cases, there may be different types of Hennepin Minnesota Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act, distinguished based on the unique circumstances of the donor and minor. These may include: 1. Temporary Successor Custodian Designation: This type of designation allows for a successor custodian to be appointed for a limited period, considering factors like the donor's temporary incapacity or unavailability to manage the assets. 2. Long-term Successor Custodian Designation: This type of designation appoints a successor custodian to manage the assets until the minor reaches a specified age or until certain conditions are met, such as completing higher education or reaching a particular milestone. 3. Alternate Successor Custodian Designation: In situations where the initially designated successor custodian is unable or unwilling to fulfill their role, this type of designation enables the donor to name an alternate successor custodian as a backup option. 4. Multiple Successor Custodian Designation: In cases where the donor wishes to have multiple individuals involved in managing the assets, this option allows the designation of multiple successor custodians, with specific responsibilities or roles assigned to each. When implementing the Hennepin Minnesota Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act, it is crucial to consult with an experienced attorney familiar with the TMA and local regulations to ensure legal compliance and proper documentation of the designation.
Hennepin Minnesota Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act
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FAQ
You may designate a successor custodian only if you are the current custodian of the account. I hereby designate the following successor custodian in the event of my resignation, disability or death.
You see, § 3918(d) of the Probate Code provides that if a Custodian dies without having effectively designated a successor Custodian, then the minor for whom the UTMA account was created may designate an adult member of the minor's family, a court-appointed guardian of the minor, or a trust company to be the successor
Gifts made to UTMA accounts are irrevocable, so you can't change your mind and take them back. The custodian of the account, who may be the same person who created it or another adult relative, is required to manage it in the minor's interest.
Typically, under the applicable UTMA/UGMA statute, the custodian may name a successor upon death. If a successor is not designated and the minor is over age 14, the minor may appoint a successor using a notarized letter. Otherwise, the minor's guardian becomes custodian or the court appoints one.
You establish the account in the name of the custodian for the minor child as, for example, Custodian Name, as custodian for Minor Child Name under the Name of State UGMA/UTMA Act). Income generated by the account is reported to the Internal Revenue Service under the social security number of the child.
Single custodianship. A transfer may be made for only one (1) minor, and only one (1) person may be the custodian. All custodial property held under this act by the same custodian for the benefit of the same minor constitutes a single custodianship.
If the minor has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family, or any other interested person may petition the court to designate a successor custodian.
Naming a CustodianThe custodian you name should be reliable, honest and capable of prudently managing resources. He or she should also live near the child. If possible, you should name the person who will be the child's personal guardian. This will often be the child's other parent.
(d) If a custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor and the minor has attained the age of fourteen years, the minor may designate as successor custodian, in the manner prescribed in paragraph (b), an adult member of the minor's family, a guardian of the
