Maine 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?
Have you been within a position the place you will need papers for sometimes company or person reasons almost every day? There are plenty of authorized papers templates available on the Internet, but locating kinds you can trust is not simple. US Legal Forms gives a large number of form templates, much like the Maine Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act, that happen to be composed in order to meet federal and state demands.
Should you be previously familiar with US Legal Forms website and possess an account, basically log in. After that, you are able to download the Maine Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act design.
Should you not have an accounts and would like to start using US Legal Forms, abide by these steps:
- Obtain the form you need and make sure it is for your right metropolis/state.
- Utilize the Preview key to check the form.
- Look at the information to ensure that you have chosen the appropriate form.
- In case the form is not what you are looking for, utilize the Lookup industry to get the form that fits your needs and demands.
- When you discover the right form, click on Purchase now.
- Opt for the costs program you need, submit the specified info to produce your money, and buy the transaction using your PayPal or bank card.
- Decide on a practical data file structure and download your duplicate.
Discover every one of the papers templates you have purchased in the My Forms menu. You may get a extra duplicate of Maine Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act anytime, if necessary. Just select the essential form to download or produce the papers design.
Use US Legal Forms, by far the most comprehensive assortment of authorized varieties, in order to save efforts and prevent mistakes. The support gives appropriately created authorized papers templates which you can use for an array of reasons. Create an account on US Legal Forms and begin making your lifestyle a little easier.
Form popularity
FAQ
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.
UTMA withdrawals and tax rules UTMA accounts have no withdrawal limits. However, the funds belong to the minor from the moment of transfer, so the funds can only be used for the direct benefit of the minor.
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.
A custodial account is generally created by a parent or grandparent for the benefit of a minor child or grandchild. When you put money into a custodial account, you make a gift to the minor beneficiary of the account, even though the minor does not control the account.
Beneficiary Changes There is no ability to transfer a UGMA or UTMA account to another child or to change beneficiaries. You are not supposed to use a UTMA-529 or UGMA-529 account conversion to change the beneficiary either because that would equate to giving your child's money to someone else.
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.
UTMA allows the property to be gifted to a minor without establishing a formal trust. The donor or a custodian manages the property for the minor's benefit until the minor reaches a certain age. Once the child reaches a specified age set by the state, the child will have full control over the property.
