UTMAs - Parental Liabilities & Rights
Answer by Randy Carey, BOL Guru Guru Bio
Question: What are the liabilities of parents opening UTMA accounts? Can a parent close an UTMA account while the child is still a minor and change the account to a joint account?
Answer: You would have to consult your state laws, but typically a UTMA account is non-revocable and has to revert to the minor only at the age of majority.
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