Pennsylvania 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
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.
For minors under 14 years of age, the first $750.00 of earnings is tax-free. Earnings between $750.00 and $1,500.00 are taxed at the child's rate. Earnings above $1,500.00 are taxed at the parents' rate. All earnings for recipients 14 years of age and older are taxed at the child's rate.
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.
Multiple custodians provide firms with more opportunities and allow them to serve a larger share of the market. Because custodians' focus varies from institution to institution, RIA firms can offer more flexibility for their clients and thereby better meet the client's specific needs.
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.
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.
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.
