District of Columbia Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act
Description
How to fill out Designation Of Successor Custodian By Donor Pursuant To The Uniform Transfers To Minors Act?
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FAQ
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.
The UTMA allows the donor to name a custodian, who has the fiduciary duty to manage and invest the property on behalf of the minor until that minor becomes of legal age. The property belongs to the minor from the time the property is gifted.
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.
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.
A Letter of Successor is a document that appoints a person or institution to take over should the trustee or custodian die, resign, or otherwise become unable to act.
SUCCESSOR CUSTODIAN means upon the death of the Custodian the individual designated as the successor custodian on a signature card related to an IUTMA account.
Form used to designate a successor custodian for either an UGMA or UTMA account in the event that the original custodian resigns, dies, is incapacitated or is removed as custodian.
Only one custodian, one beneficiary (i.e., minor) and one successor custodian* can be assigned to an account. *A successor custodian is highly recommended in case of custodian's death.
