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question about UTMA account and 17-year old
Posted by: notalawyer, September 10, 2015 10:21PM
My 17-year old daughter has a UTMA account. She has almost no relationship with the custodian of the account. My daughter lives in a state where the legal age is 18. The UTMA account was started/held in a state where the legal age is 21. My daughter heard that she can petition a judge to gain control of her account once she is 18. Is this true? If so, does she need to petition a judge in her home state or in the state where the UTMA account is based? Will it cost her much? I would hate to see her use up her UTMA money for legal fees. She is an honors student and wants to use her money for college.

Re: question about UTMA account and 17-year old
Posted by: Bob99, September 16, 2015 07:57PM
Have you or your daughter tried asking the custodian to turn over the account to your daughter? "Almost no relationship" doesn't mean you can't ask. The custodian might be perfectly willing to let your daughter use the money for college. The custodian could also pay your daughter's college expenses from the UTMA account without actually turning over control of the account, if that's acceptable to all parties .

Is the custodian the same person who put the money into the account? If not, have you tried getting the donor involved?

Anything you can do by personal contact or negotiation will be much easier and less expensive than going to court.

Re: question about UTMA account and 17-year old
Posted by: Drewremedy, September 19, 2015 02:00PM
1. The rules of the state where the UTMA was created govern ..the legal age of majority is not the issue..the issue is whatever the UTMA law says is the age.

2. Custodian can if they desire turn over funds early.

3. A UTMA is generally a big big killer as to othereoectqs for need based financial aid for college often makes sense to spend away or move the UTMA by lawful means well ahead of any financial aid application.

4. BTW,mahout how much is in the UTMAS? And in what form ?

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