UTMA Account Sample Clauses
The UTMA Account clause establishes that certain assets will be held in a custodial account under the Uniform Transfers to Minors Act (UTMA) for the benefit of a minor. This clause typically designates a custodian to manage the account until the minor reaches the age specified by state law, at which point the assets are transferred to the minor. Its core function is to provide a legal framework for transferring and managing property for minors, ensuring the assets are protected and properly administered until the minor is legally able to take control.
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UTMA Account. For UTMA (Uniform Transfers to Minors Act) Accounts, You understand that the gift of money to the Minor named on this Application, which gift shall be deemed to include all dividends thereon and any future additions thereto, is irrevocable and is made in accordance with, and is to include all provisions of, the New Jersey Uniform Transfers to Minors Act (the Act) as it is now and in the future. You further understand that the age of delivery from the Custodian to the Minor will occur upon the minor's age of 21, under the Act. Joint Owner 1 is named as custodian for the Primary Member under the New Jersey Uniform Transfers to Minors Act. Designation of Successor Custodian. You appoint (Name of Successor Custodian) as Successor Custodian of the gift property described in the gift transfer above. Such appointment will take effect: (1) when and in the event of Your resignation, death, incompetence, or legal incapacitation; and (2) when We deliver said account, together with a true copy of this instrument of designation, into the custody of the Successor Custodian named above. Upon receipt of actual or written notice of such event, You direct Us to make such delivery. Signature of Custodian
UTMA Account. The Uniform Transfers to Minors Act (UTMA) is a model act adopted with variations by most states, allowing the opening of an account by a custodian nominated in the transfer or gift to hold and control funds for the benefit of a child until that child reaches majority or otherwise provided under that state’s UTMA. Thereafter, the (former) child receives unrestricted use of the funds. The custodian is obligated to control and access the funds in the account only for the benefit of the child; however, we are not responsible and have no duty to monitor the custodian’s use or distribution of the funds. For this type of account, we use the child’s Social Security Number/TIN.
UTMA Account. For UTMA (Uniform Transfers to Minors Act) Accounts, You understand that the gift of money to the Minor named on this Application, which gift shall be deemed to include all dividends thereon and any future additions thereto, is irrevocable and is made in accordance with, and is to include all provisions of, the Uniform Transfers to Minors Act (the Act), as enacted in the State where the subject Account is held, as it is now and in the future. You further understand that the age of delivery from the Custodian to the Minor will occur upon the minor's age of , under the Act. Owner 2 is named as custodian for the Primary Member under the applicable state’s Uniform Transfers to Minors Act. Designation of Successor Custodian. You appoint (Name of Successor Custodian) as Successor Custodian of the gift property described in the gift transfer above. Such appointment will take effect: (1) when and in the event of Your resignation, death, incompetence, or legal incapacitation; and (2) when We deliver said Account, together with a true copy of this instrument of designation, into the custody of the Successor Custodian named above. Upon receipt of actual or written notice of such event, You direct Us to make such delivery. Name Social Security Number Phone Number Birth Date Address City State Zip
UTMA Account. Under the Uniform Transfers to Minors Act, the funds in the account are owned by the child who has unconditional use of the account when he or she reaches the age of majority, as provided in applicable law. Before that time, the account may be accessed only by the custodian (or successor custodian), and the funds must be used for the benefit of the child. We, however, have no duty or agreement whatsoever to monitor or insure that the acts of the custodian (or successor custodian) are for the child’s benefit. Further, the custodian and / or any person opening this type of account, in their individual capacity, agree to indemnify and hold us harmless from and against all loss, costs, damage, liability, or exposure, including reasonable attorney’s fees we may suffer or incur arising out of any action or claim by any beneficiary or other custodian with respect to the authority or actions taken by the custodian in handling or dealing with this type of account.
UTMA Account. For UTMA (Uniform Transfers to Minors Act) Accounts, You understand that the gift of money to the Minor named on this Application, which gift shall be deemed to include all dividends thereon and any future additions thereto, is irrevocable and is made in accordance with, and is to include all provisions of, the Alabama Uniform Transfers to Minors Act (the Act) as it is now and in the future. You further understand that the age of delivery from the Custodian to the Minor will occur upon the minor's age of 21, under the Act. Owner 2 is named as custodian for the Primary Member under the Alabama Uniform Transfers to Minors Act. Designation of Successor Custodian. You appoint (Name of Successor Custodian) as Successor Custodian of the gift property described in the gift transfer above. Such appointment will take effect: (1) when and in the event of Your resignation, death, incompetence, or legal incapacitation; and (2) when We deliver said Account, together with a true copy of this instrument of designation, into the custody of the Successor Custodian named above. Upon receipt of actual or written notice of such event, You direct Us to make such delivery.
UTMA Account. TDB does not offer UTMA accounts.