The Kentucky Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act is an important legal mechanism that allows donors to ensure the proper management and transfer of assets to their minor beneficiaries. This provision is established under the Uniform Transfers to Minors Act (TMA) in Kentucky. The purpose of this designation is to create a smooth and organized process for transferring assets or property to minors. By appointing a successor custodian, the donor can ensure that their chosen individual will handle the asset management responsibly until the minor reaches the age of majority. Key points related to the Kentucky Designation of Successor Custodian by Donor Pursuant to the TMA include: 1. Uniform Transfers to Minors Act (TMA): The TMA is a set of statutory laws that have been adopted by multiple states, including Kentucky. It provides a legal framework for transferring assets to minors. 2. Successor Custodian: A successor custodian is the individual selected by the donor to manage and safeguard the assets until the minor reaches the age of majority or a predetermined age specified in the TMA. 3. Donor: The term "donor" refers to the person who is transferring or gifting the assets to the minor beneficiary. The donor has the authority to designate a successor custodian. 4. Asset Transfer: The Kentucky Designation of Successor Custodian by Donor Pursuant to the TMA covers various types of assets, such as financial accounts, real estate, stocks, bonds, and other valuable properties. 5. Age of Majority: The age at which a minor legally becomes an adult varies by jurisdiction. In Kentucky, the age of majority is 18. However, the donor can specify a different age for the transfer of assets to occur under the TMA. Different types or variations of the Kentucky Designation of Successor Custodian by Donor Pursuant to the TMA may include specific provisions based on the donor's preferences or circumstances. Some variations may involve additional stipulations, such as restrictions on asset use or the ability to appoint co-custodians. It is essential to consult with a knowledgeable attorney while drafting and executing the Kentucky Designation of Successor Custodian by Donor Pursuant to the TMA. They can guide you through the legal requirements and help ensure that your assets are handled and transferred appropriately to benefit the minor beneficiary.
Kentucky Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act
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How to fill out Kentucky Designation Of Successor Custodian By Donor Pursuant To The Uniform Transfers To Minors Act?
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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.
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.
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.
The UTMA allows property of any kind to be set aside for the benefit of a minor. In Kentucky, a minor is anyone under 18. Whoever sets the property aside for a minor chooses the person who will be responsible for the property until the minor reaches 18. This person is called the custodian.
SUCCESSOR CUSTODIAN means a custodian specified by the Fund acceptable to the Counterparty in its reasonable discretion; provided that, the Custodian may petition to a court of competent jurisdiction for the appointment of a successor custodian, if 90 (ninety) days have elapsed from the date on which the Notice of ...
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.
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.
Generally, when UTMA or UGMA accounts (UTMA/UGMA Accounts) are established, the beneficiary (a minor) becomes the owner of the property at the time of the gift; however, the custodian manages and invests the property on the beneficiary's behalf until the beneficiary reaches the age of majority, at which point the ...
