UGMA or UTMA accounts. A custodian for a minor under a state UGMA or UTMA statute may liquidate the assets held in the UGMA or UTMA account to open an account in the Plan, subject to the laws of the state under which the UGMA or UTMA account was established. If the custodian of an UGMA or UTMA account establishes an account, the minor for whose benefit the assets are held must be designated as the account owner and Beneficiary of the account, and the custodian will not be permitted to change the Beneficiary of the account or transfer assets to another Beneficiary. The custodian will be required to certify on a withdrawal form stating that the distribution from the UGMA or UTMA account will be used for the benefit of the Beneficiary of the account. When the Beneficiary reaches the age of majority under the applicable state UGMA or UTMA statute and the custodianship terminates, the Beneficiary will become the sole account owner with complete control over the account. The custodian is required to notify the Program Manager when the minor attains the age of majority under the applicable state UGMA or UTMA statute. All contributions once made to an UGMA or UTMA account, regardless of their source, become subject to the limitations described above at the time of their contribution into an UGMA or UTMA account. The conversion of non-cash UGMA or UTMA assets to cash for contribution to a NEST Advisor Plan account may be a taxable transaction. Before liquidating assets in an UGMA or UTMA account in order to contribute them to an account, you should review the potential tax and legal consequences with your tax and legal advisors. Moreover, none of the Treasurer, the Program Manager, or the Plan assumes responsibility to ensure, or will incur any liability for failing to ensure, that a custodian applies assets held under an UGMA or UTMA custodianship for proper purposes. Transfers from a Upromise® by Xxxxxx Xxx® Account If you are enrolled in the Upromise service, you can link that account to your NEST Advisor Plan account and have all or a portion of your savings automatically transferred to your NEST Advisor Plan from your Upromise® by Xxxxxx Xxx® Account on a periodic basis. The minimum amount for an automatic transfer made from a Upromise® by Xxxxxx Xxx® Account to your Plan account is $25. However, you cannot use the transfer of funds from a Upromise® by Xxxxxx Xxx® Account as the initial funding
