Agent Closing UTMA Account
Answer by John Burnett, BOL Guru Guru Bio
Question: Can the agent close an UTMA account?
Answer: If by agent you are referring to someone authorized to act on behalf of the custodian, the answer is "No!" In fact, I would argue that there should not be anyone signing on a custodial account under the UTMA, because custodians don't have the authority to appoint an agent to act in their stead.
Unless your state's UTMA has provisions that I have never seen that would permit the custodian to appoint an authorized signer or agent, I recommend that you check with bank counsel to get guidance on how to proceed. If, however, your reference to "agent" is actually to the custodian (that's the word used for the individual who manages the account on behalf of the minor), then I'll say that such an individual can close a UTMA account.
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