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When the minor ‘comes of age’

Question: 
When the minor beneficiary of a UTMA account becomes an adult, can we pay the balance of the account to him or her?
Answer: 

It’s not that simple. It’s the custodian’s, not the bank’s, responsibility to close the account and give the funds to the beneficiary. There are right ways and wrong ways to pay the minor and making the wrong choice can mean trouble for the bank. We’ll discuss how to handle the situation in our UTMA Basics webinar.
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Learn more about John Burnett’s webinar UTMA Basics

First published on 01/12/2020

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