What happens to a UTMA account when the minor turns 21?

Virtually all states have adopted some form of UTMA that allows you to make gifts to a minor to be held in the name of a custodian during the age of minority. On reaching the age of majority, usually 21 years, the minor is entitled to all assets held in the account.

What happens to Utma when child turns 18?

When children reach the age of majority, the account can be transferred into their name only with custodian consent. Otherwise, they can remove the custodian from the account at the age of termination.

How do I transfer my UTMA account to my child?

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.

When can a child access a UTMA account?

When the child reaches the age of majority specified by the state, control of the account must be transferred to them. The age of majority varies by state but is generally between 18 and 25.

Can you transfer a UTMA account?

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.

At what age do UTMA accounts transfer?

Generally, the UTMA account transfers to the beneficiary when he or she becomes a legal adult, which is usually 18 or 21. However, the age of adulthood may be defined differently for custodial accounts, like UTMAs or 529 plans, depending on your state.

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Transfer under the Uniform Transfers to Minors Act - Multistate Form

Uniform Transfers To Minors Act

Name: Transfer under the Uniform Transfers to Minors Act - Multistate Form
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Uniform Laws - Transfers to Minors Act

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Multi-State

Control #:

US-00992-BZ

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Description Uniform Transfers Minors Act

This form is a Transfer under the Uniform Transfers to Minors Act. It is a multistate form for use anywhere the multistate act is in effect. Adapt to fit your needs and circumstances.

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Minors Act Other Form Names

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Under Minors Act FAQ

UGMA and UTMA accounts allow parents to save money and invest, maintain full control until their child is an adult. UTMA stands for Uniform Transfers to Minors Act, and UGMA stands for Universal Gifts to Minors Act. Both accounts allow you to transfer financial assets to a minor without establishing a trust.

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