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

Queens New York Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act

Name: Queens New York 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:

Queens

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.

How to fill out Queens New York Designation Of Successor Custodian By Donor Pursuant To The Uniform Transfers To Minors Act?

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FAQ

The custodian is responsible for managing the UTMA account and any of its investments, similar to how a trustee manages a trust. The custodian can be the donor (the person who opened or donated to the account), another adult (like a grandparent), or a financial institution.

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.

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

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.

John McCabe, legal counsel at the National Conference of Commissioners on Uniform State Laws, says Vanguard is right--you cannot name a beneficiary to a UTMA account. UTMAs (so named because they were created by the Uniform Transfer to Minors Act) are not trusts.

Successor means an entity that has replaced a predecessor by acquiring the assets and carrying out the affairs of the predecessor under a new name (often through acquisition or merger).

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.

Under the Texas Uniform Gifts to Minors Act (UTMA), children's future assets will be held in a custodial account until they reach the age of 21. Although the person you name as a guardian may also act as the custodian, it may be preferable to separate the roles.

Custodial Transfer means the transfer from Seller to Buyer of custody of the Accounts that are HSAs, together with the transfer from Seller to Buyer (or its designee) of the Account Assets held therein.

More info

To gifts made during the lifetime of the donor. A custodian under the Uniform Transfers to Minors Act (UTMA) may be designated as a beneficiary.Trusts § 1102(r). The Maryland Limited Liability Company Act — Operating Agreements —. (From article) This article chronicles the evolution of enforcing after-death gifts for the benefit of pet animals. Disposition of property to minor a. PART IDESIGNATION OF WILDERNESS IN THE CALIFORNIA DESERT CONSERVATION. Disinterment and reinterment are contained in the appendix. OutofSeason Practice Periods and Open FacilitiesAmends ByLaw 3. Index to Financial Statements.

Queens New York Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act

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How to fill out Queens New York Designation Of Successor Custodian By Donor Pursuant To The Uniform Transfers To Minors Act?

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FAQ

Who is the custodian on a UTMA account?

Can you transfer UTMA to another child?

What is successor custodian for UTMA?

Can you have a successor custodian?

Can you name a beneficiary on a UTMA account?

What does successor custodian mean?

Can you have a successor custodian on an UTMA account?

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