UGMA transfer to no-longer-minor?

<p>We are a bit late in transferring the contents of our son's UGMA accounts to him.</p>

<p>The accounts are all in the name of:</p>

<p>Mafool custodian for
Son of Mafool</p>

<p>or a similar configuration.</p>

<p>How do we transfer the cash and equities in the UGMA accounts to our son's account (with a different institution)?</p>

<p>The only signature on file for the accounts is the custodian's. But can I still sign as a custodian now that our son is of age? Is there a necessary interim step?</p>

<p>Thanks in advance for your help.</p>

<p>You just have to inform the brokerage firm, bank or mutual fund where the funds reside that your son has reached the age of 18 or 21 (depends on the state). They will create a new account solely in his name and you will no longer be able to sign the checks or make transfers, unless your son grants you power of attorney. The new account could be joint with your son, but you should discuss this with a financial adviser. As for transferring the funds to your son's existing account at another institution, your son could ask that institution to assist in the transfer.</p>

<p>I had to do the change, too, when my daughter turned 21. The IRS sometimes pays attention to these accounts.</p>

<p>"I" just completed the transfer of the last of the stuff. S was bugging me make the transfer; I procrastinated. He got it done a couple of weeks ago on his last visit home. I only had to add my signature. :)</p>

<p>Don't really know the process. Its pretty simple. He learned what he needed to know.</p>

<p>Do UGMA accounts have to be transferred to DS now that he's 21? What would IRS do if the accounts were not transferred? Just curious as my ex has a couple accounts that were set up for DS with ex as custodian for DS. My ex is now unwilling to turn the accounts over to DS (ex refuses to explain the reasoning for not changing the account from custodian for DS.) My ex is continuing to add funds to the accounts.</p>

<p>Like Longprime, finally completed process now that S is 23 y.o. I downloaded forms from website, checked the box that S over 21, and signed. For account in grandmother's name, needed death certificate. </p>

<p>My g/f is a financial adviser, and she maintains control of her sons' accounts. I suspect she holds POA.</p>

<p>Oaklandmom, I suspect your ex wants to stay in control of the $$$. By the way, how is your DS doing?</p>

<p>Same question but for different reasons, without a POA are parents required to turn over accounts when "child" reaches age of 21?</p>