Wyoming 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
What happens when the custodian dies prior to distribution to the minor is extremely problematic. In this case no one has access the account and the minor must wait until the stated age to claim the property. It may require a court order to a new custodian.
SUCCESSOR CUSTODIAN means upon the death of the Custodian the individual designated as the successor custodian on a signature card related to an IUTMA account.
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.
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.
Notarized Letter of Successor signed by the original Custodian before death or the Minor. A Letter of Successor is a document that appoints a person or institution to take over should the trustee or custodian die, resign, or otherwise become unable to act.
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.
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.
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.
