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

State:
Multi-State
Control #:
US-00581BG
Format:
Word; 
Rich Text
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 Designation Of Successor Custodian By Donor Pursuant To The Uniform Transfers To Minors Act?

You may invest several hours on the web searching for the legitimate file design that fits the federal and state specifications you require. US Legal Forms offers a large number of legitimate forms which can be analyzed by professionals. You can easily obtain or produce the California Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act from my service.

If you have a US Legal Forms bank account, it is possible to log in and click the Acquire option. Afterward, it is possible to full, modify, produce, or sign the California Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act. Each legitimate file design you get is the one you have forever. To acquire one more backup for any bought develop, proceed to the My Forms tab and click the corresponding option.

If you use the US Legal Forms web site for the first time, stick to the simple directions beneath:

  • Very first, make certain you have chosen the proper file design for the area/metropolis that you pick. Look at the develop explanation to make sure you have picked out the correct develop. If offered, make use of the Review option to appear with the file design at the same time.
  • In order to discover one more model in the develop, make use of the Research area to get the design that meets your requirements and specifications.
  • Upon having identified the design you would like, click on Acquire now to move forward.
  • Pick the costs program you would like, key in your accreditations, and register for an account on US Legal Forms.
  • Complete the deal. You may use your Visa or Mastercard or PayPal bank account to cover the legitimate develop.
  • Pick the file format in the file and obtain it for your gadget.
  • Make changes for your file if possible. You may full, modify and sign and produce California Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act.

Acquire and produce a large number of file templates making use of the US Legal Forms web site, that provides the greatest collection of legitimate forms. Use expert and status-specific templates to take on your business or specific needs.

Form popularity

FAQ

The Uniform Gifts to Minors Act provides a way to transfer financial assets to a minor without the time-consuming and expensive establishment of a formal trust. A UGMA account is managed by an adult custodian until the minor beneficiary comes of age, at which point they assume control of the account.

If a minor has reached the age of twenty-one (21) and seeks to withdraw the funds from the UTMA account of which he/she is the beneficiary, the minor must contact the custodian, as the custodian is the only person authorized to make withdrawals or close the account.

If appointing a new custodian, the signature of the previous custodian, a death certificate, or an official court document must be provided. If the former minor's legal name has changed, please provide the previous and new names where indicated.

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.

UTMA allows the property to be gifted to a minor without establishing a formal trust. The donor or a custodian manages the property for the minor's benefit until the minor reaches a certain age. Once the child reaches a specified age set by the state, the child will have full control over the property.

If a donor acting as the custodian dies before the account terminates, the account value will be included in the donor's estate for estate tax purposes. If a minor dies before the age of majority, a custodial account is considered part of the minor's estate and is distributed ing to state law.

Under the laws that govern custodial accounts, including the Uniform Transfers to Minors Act (UTMA), account custodianship ends and the beneficiary becomes eligible to assume control of the account at a specified age?typically 18 or 21, depending on the state.

If a donor acting as the custodian dies before the account terminates, the account value will be included in the donor's estate for estate tax purposes. If a minor dies before the age of majority, a custodial account is considered part of the minor's estate and is distributed ing to state law.

Trusted and secure by over 3 million people of the world’s leading companies

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