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Can a UTMA gift be undone?

Can an individual rescind a UTMA account that he or she set up for a minor?

Only indirectly, by paying the money out to the child. But he or she can’t rescind the gift made when the account was created and funded. In other words, the person who transferred the money into the account can’t transfer it back out to himself/herself. There isn’t a “do over” on this decision. The bank should not allow it unless ordered to do so by a court.
Learn more about Mary Beth Guard’s webinar
Safely Banking Minors

First published on 09/09/2018

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