Indiana Transfer under the Uniform Transfers to Minors Act - Multistate Form
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FAQ
Depending on the state a UTMA account is handed over to a child when they reach either age 18 or age 21. In some jurisdictions, at age 18 a UTMA account can only be handed over with the custodian's permission, and at 21 is transferred automatically.
By law, a minor cannot inherit directly from your estate. Therefore, an adult must protect and manage a child's inheritance and/or gifts made to a minor until the child is old enough to inherit directly.
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.
Generally, the UTMA account transfers to the beneficiary when they become a legal adult, which is usually age 18 or 21, but it can be later. The age of adulthood may be defined differently for custodial accounts, like UTMAs or 529 plans, depending on your state.
Once the minor on a UGMA/UTMA account reaches the applicable state's age of termination, the custodian or the former minor may transfer the shares in the account(s) to the former minor's sole name. Instructions are acceptable from either the custodian or the former minor.
Because money placed in an UGMA/UTMA account is owned by the child, earnings are generally taxed at the child's?usually lower?tax rate, rather than the parent's rate. For some families, this savings can be significant. Up to $1,050 in earnings tax-free. The next $1,050 is taxable at the child's tax rate.
Once the minor reaches the age of majority, they have the option to convert a UTMA to an individual account. In the meantime, the custodian is responsible for investing or managing the assets on the minor's behalf.
Both are held in the name of the minor, but controlled by a parent or other relative until the child reaches adulthood (the age of majority in your state). UTMA stands for Uniform Transfers to Minors Act, and UGMA stands for Uniform Gifts to Minors Act.
