Transferring UGMA and UTMA assets

Custodians of Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) accounts are responsible for transferring assets to the beneficiaries when they reach the age of majority. In many states, that’s at age 21, but the rules vary.

Once the beneficiary reaches the age of majority

• If the custodian requests to transfer the assets to the beneficiary,
  
  

1. Complete the Transfer/Registration Change Request (PDF)

• If the beneficiary requests to transfer the assets,
  
  

1. Complete the Transfer/Registration Change Request (PDF)

2. Provide a photocopy of either a certified birth certificate or valid government-issued ID for the account beneficiary who has reached the age of majority

Valid proof of age (submit a photocopy of either document)

• Birth certificate from a public agency such as the Department of Health or Bureau of Vital Statistics
• Valid (unexpired) government-issued ID that includes the beneficial owner’s picture, name and date of birth (such as a driver’s license, passport or state-issued identification card)

UGMA/UTMA account assets can be transferred into a new account established by the now adult beneficiary as a sole or joint owner. To get an account application, contact your financial professional or review Locate a financial professional. For additional assistance, contact us.