Manner of Creating Custodial Property: This form creates and/or assigns a particular custodian to a minor upon the death of the Grantor. The property granted to the minor, would be managed by the appointed custodian until the minor reaches the age of majority.
Utma Age Of Majority In California
State:
Arizona
Control #:
AZ-02049
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Arizona Manner Of Creating Custodial Property?
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FAQ
Extending the Age of Majority Some states allow the custodian of a UTMA account to extend the age at which the minor child is entitled to receive the assets. The minor may have the right to reject the extension, though, after they are informed of your intent.
B or 1099DIV should be received at the end of the tax year from the financial institution handling the UGMA/UTMA account to report any interest or earnings on the account.
Age of Majority and Trust Termination StateUGMAUTMAArizona1821Arkansas2121California1818Colorado212149 more rows
The age of majority for an UTMA is different in each state. In most states, the age of majority is 21 ? which means that when a child turns 21, the custodianship of assets will end. But in other states, the age of majority is either 18 or 25. The custodian can also sometimes choose between a selection of ages.