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Bank checks for withdrawals from UTMA accounts

How should withdrawals from UTMAs be handled? Payable to the minor, payable to the custodian, payable to the UTMA, or does it matter?

Payable as directed by the custodian, if done by bank check. The custodian can direct that such a payment be made to the minor, to the custodian individually (for compensation or reimbursement), to the IRS, or to the corner bookstore. An account closing withdrawal should usually be payable as the account is styled, however.
Learn more about Mary Beth Guard’s webinar
Safely Banking Minors

First published on 08/12/2018

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