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Home >> Special Situations >> Minors
Custodial Account and Turning Eighteen
I am a minor and have a CD with my mother as the custodian. When I turn eighteen, do I gain full rights to my money without the mother having to sign or be present?
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 A definitive answer can only be given after reading your state's version of the Uniform Transfers to Minors Act (UTMA), but usually it's the custodian's responsibility to hand over property in a UTMA custodianship once the minor reaches the transfer age. In other words, even after you reach the transfer age, you can't access the funds until the custodian turns them over. I should add here that if your custodian refuses to surrender the property once you attain the transfer age, you can go to court to compel the transfer.
As for the transfer age -- that, too, is a matter for state law. It can vary from eighteen to twenty-one, depending sometimes only on the state in which the custodianship was established, sometimes on the type or purpose of the transfer, and sometimes on the whim of the person making the transfer or gift. It is not always tied to the age of majority for other purposes.
Published on BankingQuestions.com 6/05/07
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