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Nomination of Custodian - New York

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The document outlines the process for nominating a custodian to manage property for a minor beneficiary under the New York Uniform Transfers to Minors Act. It details how a person can revocably designate a custodian, the conditions under which substitute custodians may be named, and clarifies that custodial property is not created until the nomination becomes irrevocable or a transfer is completed.

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What is the difference between UTMA and UGMA in NY?

UTMA (Uniform Transfers to Minors Act) and UGMA (Uniform Gifts to Minors Act) accounts are custodial accounts for minors, with UGMA involving irrevocable gifts and UTMA offering more flexibility for asset withdrawal by the custodian.

What is the UTMA law in NY?

The UTMA generally requires the custodian to transfer the custodial property to the minor when the minor reaches the age of 21 (unless the person creating the account, in designating the custodian, elects the age of 18 instead).

Who can be appointed administrator of an estate in New York?

The court will look to appoint the next of kin in the following order: Surviving spouse. Children. Grandchildren. Father or mother. Brothers or sisters.

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