The Massachusetts Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act is a legal document that allows parents or donors to designate a successor custodian for their minor children's assets under the provisions of the Uniform Transfers to Minors Act (TMA). In Massachusetts, there are two types of Designation of Successor Custodian by Donor Pursuant to the TMA: revocable and irrevocable. The revocable Designation of Successor Custodian allows the donor to make changes or revoke the designation at any time before their death. This type provides flexibility for the donor to modify their choice of successor custodian as needed. On the other hand, the irrevocable Designation of Successor Custodian cannot be changed or revoked once it is executed. This means that the donor's choice of successor custodian becomes legally binding and cannot be altered without fulfilling specific legal requirements. Irrevocable designations provide a sense of certainty and stability, ensuring that the minor's assets are transferred to the designated custodian as intended by the donor. The purpose of the Massachusetts Designation of Successor Custodian is to provide a straightforward and legally recognized method for transferring assets to a minor child without the need for a formal trust. Instead, the TMA allows for the creation of a custodianship, where a custodian manages the child's assets until they reach the age of majority. By utilizing the Designation of Successor Custodian by Donor Pursuant to the TMA, parents or donors can have peace of mind knowing that their assets will be managed and used for their child's benefit until they come of age. This designation is particularly relevant for parents who want to ensure the proper management of their children's assets in the event of their untimely death. In conclusion, the Massachusetts Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act provides a legal framework for parents or donors to designate a successor custodian to manage assets for their minor children. The revocable and irrevocable designations offer different levels of flexibility and permanence, allowing donors to tailor their choices based on their personal preferences and circumstances.
Massachusetts 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.
What Is the Uniform Transfers to Minors Act (UTMA)? The term Uniform Transfers to Minors Act (UTMA) refers to a law that allows a minor to receive gifts without the aid of a guardian or trustee. Gifts can include money, patents, royalties, real estate, and fine art.
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.
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 custodian must open the account and manage the assets on behalf of the minor, but the assets in the account are the property of the minor. Custodians are typically parents, but technically can be anyone. Only one custodian and minor are allowed per custodial 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.
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.
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 ...
