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Successor custodian form 2025

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The document outlines the designation of a successor custodian for a custodial gift made under the Uniform Transfers to Minors Act. It includes details such as the names and addresses of the transferor, original custodian, successor custodian, and the minor beneficiary, along with provisions for the successor custodian to assume duties upon the original custodian's renunciation, death, resignation, or removal.

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What does successor custodian mean?

SUCCESSOR CUSTODIAN means a custodian specified by the Fund acceptable to the Counterparty in its reasonable discretion; provided that, the Custodian may petition to a court of competent jurisdiction for the appointment of a successor custodian, if 90 (ninety) days have elapsed from the date on which the Notice of

What is a letter of successor for a custodian?

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.

Who is the successor custodian on a UTMA account?

After you die, your successor acts just like an executor wouldtakes an inventory of your assets, pays your final bills, sells assets if necessary, has your final tax returns prepared, and distributes your assets ing to the instructions in your trust.

What happens to a custodial account if the parent dies?

If a donor acting as the custodian dies before the account terminates, the account value will be included in the donors estate for estate tax purposes. If a minor dies before the age of majority, a custodial account is considered part of the minors estate and is distributed ing to state law.

What does it mean to be the successor of an estate?

If you are successor to the throne, that means youre next in line when the current royal has to step down. The successor takes over when someone gives up a position or title or when something becomes outdated.

What is a successor custodian?

The custodian may designate successor custodian(s) at the time of opening or any time after. If a custodian dies and no successor is designated upon the minor attaining the age of 14, he/she may designate a new qualified custodian. If the minor is under 14, the conservator of the minor becomes the successor custodian.

Successor custodian form 2025

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