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A successor custodian has all the rights, powers, duties, and immunities of a custodian designated in a manner prescribed by sections 5814.01 to 5814.10 of the Revised Code.

No. Money and assets deposited into a custodial account immediately and irrevocably become the property of the child. In other words, you can't take the assets back or give the assets to someone else.

You must be able to prove, as the custodian, that the minor directly benefits from the money being spent. You aren't able to withdraw money from a custodial account for your own individual expenses. If you are the beneficiary of the custodial account, you can withdraw funds once you legally become an adult.

Custodial accounts for minors come in two varieties. The main difference involves the types of assets each can hold. Uniform Gift to Minors Act (UGMA) accounts can hold most types of financial assets, including things like cash, stocks, bonds, annuities, and insurance policies.

For use with Uniform Transfers to Minors ACT (UTMA) or Uniform Gift to Minors Act (UGMA) accounts. Acting Custodian's Signature: Date: This designation of successor custodian does not take effect until the undersigned custodian resigns in writing, dies, becomes incapacitated, or is removed as custodian.

Once the minor reaches the legal age of adulthood in their state, control of the account officially transfers from the custodian to the named beneficiary, at which point they claim full control and use of the funds.

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.

Can I take money out of my child's custodial account? All money put into a custodial brokerage account becomes irrevocably your child's. That means you can't withdraw money for your own personal use after you've contributed it.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232