What is the age of majority when dealing with UTMA accounts?
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What is the age of majority when dealing with UTMA accounts?
Asked on May 28, 2012 under Estate Planning, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The law in your state as well as how the account is set up and when it was set up will help determine the age of majority. New Jersey Stat. §§ 46:38-1 states the following:
- If custodian appointed in will or trust, custodianship ends at age 18 to 21.
- If custodian appointed by executor, transfers exceeding $10,000.00 must be authorized by court, and custodianship ends at age 18.
How was the account set up with the bank? That will matter. If no age is specified then 18 may be it. Good luck.
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