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I have a custodial account for my twin sons. Can I withdraw from those accounts for my personal use?
Am I obligated by law to turn the money over to them when they turn 21 or can I keep it for myself & continue to withdraw from it? In other words Exactly whose account is it, mine or the minor child.
My friend said once I deposit money it "belongs" to the minor & I must only use withdrawals for their benefit.
If one of them should die after they turn 21, but while the funds are still in the custodial / UTMA account does the money go into their estate or immediately back to me?
Please be specific as possible.
February 17, 2017 03:47:32 PM
In reply to Sue, Brooklyn
We would like to thank you for joining us on TD Helps, Sue.
A custodian is responsible for initiating all account activity on behalf of the minor. TD Bank does not monitor the account activity for intended purposes.
The minor will not automatically gain access to the account once they reach majority age. Once the living minor reaches majority age, the custodian is recommended to close the UTMA account to have their name removed. The balance of the account will then be turned over to the previous minor with the option to open an individual or joint account at that time.
In the event of the death of the minor (majority age or not), the custodian would be required to close the account. We recommend reaching out to legal council for more detailed inquiries on handling estates.
We hope you find our answers helpful and please don’t hesitate to return to TD Helps with any further questions.
Customer Service Team, Mount Laurel
February 17, 2017 03:48:44 PM
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