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#253243 - 10/06/04 03:35 PM UTMA
jbest 100 Club Joined: Jan 2001 Posts: 134	We have a demand deposit account set up as a UTMA account, the custodian is requesting a debit/check card. The child is 4 years old. We have always refused in the past but are being ask to reevaluate our decision. Is there a law against doing this? It looks like the checks being written are for everyday expenses. Can someone point me to a reference?
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#253244 - 10/06/04 04:58 PM Re: UTMA
Queen Mum Power Poster Joined: Mar 2001 Posts: 3,920 OK	Hope those everyday expenses are for the child! If it were me, I wouldn't do it!
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#253245 - 10/07/04 02:51 PM Re: UTMA
jbest 100 Club Joined: Jan 2001 Posts: 134	Some of them could be argued they are, but checks to BeautyCo?? don't think so. Thanks for your input.
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#253246 - 12/23/04 07:31 PM Re: UTMA
MackenzieS Diamond Poster Joined: Jul 2002 Posts: 1,722 Oklahoma	Does anyone have a link to the Oklahoma statute for UTMA? I am trying to find it. Thanks.
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#253247 - 12/23/04 07:48 PM Re: UTMA
rlcarey 10K Club Joined: Jul 2001 Posts: 83,371 Galveston, TX	It's in Title 58 _________________________ The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#253248 - 12/23/04 07:52 PM Re: UTMA
MackenzieS Diamond Poster Joined: Jul 2002 Posts: 1,722 Oklahoma	Thanks.
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#253249 - 01/18/05 02:53 PM Re: UTMA
AlwaysLearning Member Joined: Aug 2004 Posts: 83	Does anyone allow the money to stay in the account until the minor reaches the age of 21? If so, how do you indicate that on the account? Do you have a form the custodian signs to indicate this? Any help would be appreciated.
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#253250 - 01/19/05 09:33 PM Re: UTMA
Jay Bruce Platinum Poster Joined: Apr 2002 Posts: 546 The New Loft Chamber	Quote: Does anyone allow the money to stay in the account until the minor reaches the age of 21? If so, how do you indicate that on the account? Do you have a form the custodian signs to indicate this? Any help would be appreciated. Generally, assets held in an UTMA account must be transferred to the minor upon reaching age 18; but, Oklahoma law (58 O.S. 1221) permits the delay of such transfer to a specified time after the minor reaches age 18, but not later than when the minor reaches age 21. Note, however, this delay must be specified at the time of the original transfer of assets into the UTMA account. _________________________ J. Bruce "A man in a kilt is a man and a half!"
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#253251 - 04/12/05 07:04 PM Re: UTMA
Anonymous Unregistered	Quote: Generally, assets held in an UTMA account must be transferred to the minor upon reaching age 18; but, Oklahoma law (58 O.S. 1221) permits the delay of such transfer to a specified time after the minor reaches age 18, but not later than when the minor reaches age 21. Note, however, this delay must be specified at the time of the original transfer of assets into the UTMA account.
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#253252 - 04/15/05 02:10 PM Re: UTMA
Spladoodle 100 Club Joined: Apr 2004 Posts: 163 The other windy city	We have a box to check on the UTMA form, indicating 18 or 21. _________________________
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#804370 - 08/28/07 09:20 PM Re: UTMA Spladoodle
Gigi2Three Gold Star Joined: Mar 2004 Posts: 277	Does anyone know if in Oklahoma we indicate the custodian as well as a successor custodian on the signature card agreement?
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