Uniform Transfers To Minors Act Form Principal
Description
How to fill out Transfer Of Property Under The Uniform Transfers To Minors Act?
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FAQ
You can establish a life insurance trust for the benefit of a minor child. In this scenario, you choose the trustee ? a trusted relative, partner, friend, legal representative, or other adult ? and set the terms for managing the funds on behalf of your child until they turn 18 or 21, depending on your state.
You may request withdrawals from your account online. Look for the Transactions tab on your account dashboard. If the withdrawal amount is $50,000 or more, or is an amount that will bring your balance below the required minimum balance of $5,000, please contact our team at 866-412-0770.
Remember, you can log in to your Principal® account online to: Change beneficiaries for 401(k) and other retirement plans. View your retirement savings account balance or change your contributions.
How Old Must a Child Be To Be a Beneficiary of a Bank Account? There are no minimum age requirements for beneficiaries, so you can legally name a minor for the role. They'll receive ownership of the account upon your death but won't have direct access to the funds before reaching legal age.
The Uniform Transfers to Minors Act (UTMA) allows a minor to receive gifts without the aid of a guardian or trustee. The law is an extension of the Uniform Gift to Minors Act. The minor named in the UTMA can avoid tax consequences until they attain legal age for the state in which the account is set up.
