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Beneficiary Access to UTMA Funds

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Question: 
Does a beneficiary on an UTMA account need the custodian's written permission to gain access to funds in an UTMA account after he/she has reached the legal age as defined by the law?
Answer: 

In many states, it would be up to the custodian to withdraw the funds and provide them to the benficiary as the beneficiary would not be allowed to directly transact on the account. However, this is totally dependent on State law and a call to your legal counsel is recommended.

First published on BankersOnline.com 1/2/07

First published on 01/02/2007

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