ARTICLE TAKEAWAYS
The type of account (UGMA versus UTMA) and the age of majority are determined by the state of residence of the custodian.
UGMA/UTMA beneficiaries must reach a specific “age of majority” under UGMA/UTMA statutes before the account can be transferred into their name.
Disclaimer: Not all allowed ages are appropriate for all situations.
If the account was established before the dates listed above, contact us to find out the age of majority.
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The guidelines and procedures provided in the Account Resource Center may not apply to networked accounts or accounts not directly held by American Funds. The guidelines and procedures provided also apply only to those retirement accounts or Coverdell ESAs invested in American Funds with Capital Bank and Trust Company (CB&T) as custodian. The guidelines and procedures provided in the Account Resource Center do not apply to plans held in our retirement plan solutions — PlanPremier, PlanPremier-TPA or RecordkeeperDirect. Information on the Account Resource Center may change periodically, and previously printed information may not be current. Please refer to capitalgroup.com for the most current information available.
Financial professionals should always contact their back office to determine if there are any restrictions on the use of American Funds products, tools, services, websites and literature.