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Click ‘Get Form’ to open the instruction UTMA account form in the editor.
Begin by filling in the 'Sub Firm #', 'BR Code', and 'FA Code' fields as required. These identifiers are essential for processing your request.
Enter the 'Account Number' in the designated field. This is crucial for identifying the specific account you wish to liquidate.
In the section titled 'To be signed by beneficial owner', ensure that you print your name, date of birth, and provide a signature confirming that you have reached the age of termination for UTMA/UGMA custodianship.
Specify the address where you would like the check mailed or any other delivery instructions in the provided space.
The custodian must also sign and print their name, confirming they will liquidate all securities and close the account as instructed.
Finally, ensure that both associate and supervisory signatures are obtained to certify authorization for liquidation.
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Key Takeaways. UTMA and UGMA accounts are custodial investment accounts that allow you to invest on behalf of a minor family member. UTMA accounts allow a wider range of assets, including physical property like real estate, while UGMA accounts only allow cash and financial investments.
What are the disadvantages of an UTMA account?
UTMA accounts typically are required to convert to a regular account in your name, once you hit the age of majority or shortly there after. This age is set by the state and is usually around 18 or 21.
What happens to an UTMA account when the child turns 18?
Under the Uniform Transfers to Minors Act (UMTA), money deposited into a UTMA account typically cant be withdrawn except by the child at the appropriate age.
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