Custodial Account Age of Termination by State

In the United States, the age of termination for custodial accounts varies by state.

In Alabama, the age of termination is 21 years old.

For some states, the age of termination is lower, such as 19 years old in Alaska and 18 years old in Delaware.

In most states, the age of termination is 21 years old, but it's essential to check the specific laws in your state to avoid any potential issues.

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More than half of states set the age of majority for UTMA higher than their standard age of adulthood – 21 instead of 18.

You can set the age of distribution for a trust to any age, giving you flexibility in your estate plan.

In some states, a UTMA account is handed over to a child at age 18, but only with the custodian's permission.

UTMA accounts can be transferred automatically at age 21 in some jurisdictions.

It's essential to check with the bank or brokerage where the UTMA is housed for clarification on their specific rules.

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The termination of a custodial account is a significant milestone for the minor beneficiary. In most states, the custodian is required to transfer the custodial property to the minor or their estate upon reaching the age of majority.

The age of majority varies depending on the state and the type of custodial account. For UTMA accounts, the age of majority is typically 18 or 21, with some states allowing the custodian's permission required at 18. In some cases, the age of majority is set at 25.

The transfer of custodial property is automatic upon reaching the designated age, unless the custodian's permission is required. It's essential to check with the bank or brokerage where the UTMA is housed to determine the specific requirements in your state.

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The termination of a UTMA account is a significant milestone in a child's life. The age at which this happens varies by state, with some setting it at 18 and others at 21.

In some jurisdictions, a UTMA account can only be handed over to a child at 18 with the custodian's permission. This means the custodian has a say in whether the child can take control of the account.

At 21, the transfer of a UTMA account is typically automatic, meaning the child gains full control of the assets without any further approval needed. This is the case in more than half of the states.

The age of majority for UTMA accounts can be higher than the standard age of adulthood, which is 21 in many states. This is worth considering when creating an estate plan.

If the assets in a UTMA account are distributed before the child is allowed to receive them, they will go into a custodial account. This is a temporary measure until the child reaches the age of majority.

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If a custodian is removed, the court will require an accounting and order delivery of the custodial property and records to the successor custodian.

A minor who has attained the age of fourteen years can petition the court for an accounting by the custodian or the custodian's legal representative.

The court may require or permit the custodian or the custodian's legal representative to account in a proceeding under this article or in any other proceeding.

A successor custodian may petition the court for an accounting by the predecessor custodian.

The court shall require an accounting and order delivery of the custodial property and records to the successor custodian if a custodian is removed.

A custodial account is terminated when the custodian transfers the property to the minor or their estate.

The age at which a custodial account is transferred varies by state, but it's typically 18 or 21 years old.

In some states, a custodial account can be transferred at 18 with the custodian's permission, while in others it's transferred automatically at 21.

The specific age at which a custodial account is transferred depends on the type of property and the state's laws.

A custodial account is transferred in an appropriate manner, which can include transferring the property to the minor or their estate.

In West Virginia, this article applies to a transfer made after its effective date if the transfer purports to have been made under the West Virginia Uniform Gifts to Minors Act.

The transfer must have been made under the West Virginia Uniform Gifts to Minors Act for this article to apply.

If the transfer uses the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, this article will apply if necessary to validate the transfer.

The age at which a child can claim ownership of a UTMA account varies by state, but in some jurisdictions, the account can only be handed over at age 21 without the custodian's permission.

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