Illinois Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act
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How to fill out Designation Of Successor Custodian By Donor Pursuant To The Uniform Transfers To Minors Act?
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FAQ
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.
If the minor has not attained the age of 14 years or fails to act within 60 days after the ineligibility, death, or incapacity, the guardian of the minor becomes successor custodian.
UGMA/UTMA account assets can be transferred into a new account established by the now adult beneficiary as a sole or joint owner.
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.
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.
TO WHOSE ESTATE DOES THE CUSTODIAL ACCOUNT BELONG? Custodial accounts are part of the minor's estate in the event of the minor's or custodian's death prior to the minor attaining distribution age unless you, as the donor who established the custodial account, are also the custodian.
The Illinois UTMA specifically provides for the following to be transferred to a custodian: certificated or uncertificated securities; money paid or delivered to a broker or financial institution for credit to an account held for the minor; a life or endowment insurance policy or annuity contract; property subject to a ...
