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Submitted 527 days ago...

Estriol479

Estriol479

New User (2)

Utugma account

What are the laws for a UIFORM TRANSFER TO MINORS ACT TX account when the receipient reaches age 18? Is it legal for the custodian to continue to manage the account?

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Answer 1 / 1 - Submitted 527 days ago...

ldsch

ldsch

Expert (821)

When the beneficiary of a UGTMA account reaches 18, legally the account becomes his or her property to include the obligation to pay taxes on the capital gains and interest. With the beneficiarie's permission, of course you can continue to manage the account, but you might have more fun teaching the beneficiary how to manage the account themselves. It is never too soon to teach someone financial and investment responsibility.

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