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Designation of Successor Custodian by Donor Pursuant to the Uniform...

Pima Arizona Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act

Name: Pima Arizona Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act
Brand: US Legal Forms
Rating: 4.77 (374 reviews)

Category:

Family Law - Minors - Custodial Trust Act

State:

Multi-State

County:

Pima

Control #:

US-00581BG

Format:

Instant download

Description

A custodian appointed pursuant to the Uniform Transfers to Minors Act may designate a successor by executing and dating an instrument of designation. Such execution and dating must be done before a subscribing witness other than the successor custodian.

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FAQ

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.

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

At what age do UTMA accounts transfer? Generally, the UTMA account transfers to the beneficiary when he or she becomes a legal adult, which is usually 18 or 21 (age 18 in both Kansas and Missouri).

The Uniform Transfers to Minors Act (UTMA) allows an adult to transfer assets to a minor by opening a custodial account for them. This type of account is managed by an adult the custodian who holds onto the assets until the minor reaches a certain age, usually 18 or 21.

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.

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.

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.

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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Pima Arizona Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act

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How to fill out Pima Arizona Designation Of Successor Custodian By Donor Pursuant To The Uniform Transfers To Minors Act?

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FAQ

Can you have a successor custodian?

How do you name a custodian under UTMA?

What is successor custodian for UTMA?

At what age do UTMA accounts transfer?

How do you transfer a UTMA to a minor?

Can you add a successor custodian to a UTMA account?

Can a UTMA have two custodians?

Can you have a successor custodian on a UTMA account?

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