West Virginia 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
If a minor has reached the age of twenty-one (21) and seeks to withdraw the funds from the UTMA account of which he/she is the beneficiary, the minor must contact the custodian, as the custodian is the only person authorized to make withdrawals or close the account.
Transferring a UTMA account to a child is simple. You can do so with most financial or investment institutions. You can also consult a tax or business lawyer to help you set up the legal structure, although most financial institutions can do this for you.
The custodian must reside in the United States or a U.S. territory and be either a U.S. citizen or resident alien. A custodian may designate a successor custodian or name a limited agent to act on their behalf.
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.
The custodian is responsible for managing the UTMA account and any of its investments, similar to how a trustee manages a trust. The custodian can be the donor (the person who opened or donated to the account), another adult (like a grandparent), or a financial institution.
The custodian must reside in the United States or a U.S. territory and be either a U.S. citizen or resident alien. A custodian may designate a successor custodian or name a limited agent to act on their behalf.
Be aware that under the UTMA only one person may be the custodian.
No change in beneficiaries You cannot change the beneficiary on a custodial account. For each UTMA account, one custodian and one beneficiary are allowed on the account. With joint accounts, the joint owner can be removed at any time as long as the individual is over the age of 18.
