UTMA/UGMA laws are state specific, so the age of majority will depend on the law of the appropriate state. The UTMA beneficiary is the legal owner of the funds in the account from the second the account is created and funded. The age of majority has nothing to do with whether or not UTMA assets must be reported on FAFSA or any other financial aid form. A 16 year old UTMA beneficiary who is completing FAFSA must report the UTMA assets as his/hers, even if the state’s UTMA age of majority is 21. Those assets are still available to use for the benefit of the beneficiary. The age of majority is mainly used to determine when control of the funds must be turned over from the account custodian to the beneficiary.