UTMA Custodial Account. I have 2 minor children who are receiving life insurance monies from their

3 ANSWERS

1. Guest17077552
   

   why do we have to have checks disbursed for a custodial account

   Report (0) (0)  |   2 years, 3 month(s) ago  

2. Guest16769711
   

   Unfortunately, you cannot. When the beneficiary is a minor, a custodian is necessary. UTMA laws specifically define the beneficiary is the true owner of the account. Any property held in a custodial account is owned by the minor, although the child does not have complete control over the account until he or she reaches the age of majority. During the tenure of the account, any income earned is reportable by the child. At the age of majority, the role of the custodian is done. The account terminates when the child has reached the age of majority. Misappropriated funds held in a UTMA account are illegal acts that can be brought to court. For more detailed information you might visit www.fairmark.com. Best of luck! ....Florida CPA/CFP

   Report (0) (0)  |   2 years, 3 month(s) ago  

3. Ali Abdullah
   

   Hi There, I can only imagine it is something along those lines. As for the age, you need to check. In most states the age is 18, so if California is 21 that would be a little different. Just call the custodian of the account. They should be able to answer these questions. But the money is yours. You can do anything with it that you want. I hope you do something smart with it. Good luck.

   Report (0) (0)  |   2 years, 7 month(s) ago